"We try to buy businesses at substantial discounts to the underlying business value," he added.
During this whole mess the underlying business has performed very well.
They might then conclude that the underlying business model is broken, so car companies would get shut out of unsecured borrowing and could run out of cash.
Many analysts say that the practice can hurt the financial health of the companies by increasing their regular interest payments to bondholders without strengthening the underlying business.
We share the board's view though that a bid ought to reflect the value of the underlying business rather than take advantage of the financial predicament which dominates the stock price".
From time to time in my experience, we went back to management or a board to say a plan's design was impossible because the underlying business model was flawed or the degree of risk untenable.
All of that has transformed Apple into a prominent gatekeeper, wielding influence as a tastemaker by highlighting selected artists on iTunes storefront, and as an architect of the underlying business dynamics.
First is the underlying business model of your old-economy picks.
Be fully apprised of the underlying business problems and credit quality.
But first, recovering the underlying business knowledge in legacy systems is necessary in order to preserve this vital heritage.
