I might as well fess up: I lifted the title to this piece from the First Pacific Co. Ltd., (OTCPK:FPAFY) 2012 annual report. But I think it sums up succinctly the investment thesis: owning an opportunistic investor and value creator in emerging economies.
First Pacific is a Hong Kong listed investment holding company, owning significant stakes in four primary businesses (%'s):
- Philippines Long Distance Telephone Company (PHI) (25.6%)
- Indofood (OTCPK:PIFMY) (50.1%)
- Metro Pacific Investments (OTCPK:MPCIY) (55.9%)
- Philex Mining (GM:PXMFF) (37.6%) 
What should get alpha seekers excited about First Pacific is that it trades at a significant discount to net asset value ("NAV") after a 30% slide in share...