I once took a punt on this stock - off the back of a recommendation made to me by a broker friend of mine. I made about 80% in the space of a couple of months. I then sold it, against advice, since I had real trouble trying to understand their income statements. Essentially, SKJ, like most holding companies, declares income based on 'fair value adjustments'. This is a wholly subjective process, since the only people actually able to determine the 'fair value' is SKJ themselves. Nobody else has a cooking clue what the real value of their underlying assets really is. Now, in the case of a company like Brait, for example, things are a bit more transparent, since we are clearly able to determine how Brait values their underlying assets - by declaring turnover, ebitda per company, evaluation criteria, etc. SKJ, on the other hand - admittedly at the time though - didn't do this. So I sold. I take Buffet's advise on this - don't invest in something you don't understand.
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