The next story is about a stock which was the best listed play in that sector at that point. This was in early 2004. This company was the 2^nd biggest in its sector, and the sector had been beaten into oblivion for perhaps a decade or so. This company had a strong presence in the markets it operated in, had a good appeal amongst its consumers, its balance sheet was in good shape, and there was a macro tailwind on the horizon. It used to have a profitable book despite it being in a sector where it is not exactly customary to leave anything for the taxman. The best thing was that it was available at Book Value, with a lot of hidden value in the enormous amount of assets it owned. It had a maze of subsidiaries, associates and JVs. I requested the company for the balance sheets of all these, and the company officials parted with them after much fuss.