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Editor's notes: Macro events have held LSIHF.OB's value down unreasonably. Trading at 20% of NAV despite good operating performance and a solid balance sheet, the shares have huge potential.

The short-term nature of the market tends to be a voting machine which gives prudent investors, ones who focus on the long-term weighing characteristics of the stock markets, a significant margin of safety to buy a great company. Now a garment company is not what I would consider a great business, so don't let the name fool you. Lai Sun Garment International Limited (later to be referred to as LSG) has evolved from a garment company into a real estate developer in Hong Kong and China with investments in media, entertainment and the hospitality industry. LSG trades in Hong Kong (0191.HK) and over the counter in the US under the ticker LSIHF (OTC:LSIHF). At the time of this...

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