Include or exclude from net investable assets?

Volume 1 page 177: excluded

Volume 1 page 220: included

volume 2 i meant

Please use a microscope again on Pg 177. GOLD is in BOLD (which is why you might have missed it).

haha i see that cpk. but the required return is 493,949 / 42,430,037.

42,430,037 is exclusive of the 500,000 in gold.

everything below the total investable assets is included in net worth but exlcuded from net investable assets–including gold.

Kind of weak but…page 163 Peter says he is holding it for catastrophic disaster and does not foresee selling. So I guess the gold is excluded becuase it will not be used to fund his goal.

I saw that too, just now. Thanks.

Pg 191 says "

The Ingers want to maintain a fixed long-term holding of ˆ500,000 in gold bullion.


It is not included on Pg 177 - but on 220 - in the situation that "

IngerMarine has experienced a catastrophic event from which it cannot recover. Damage claims resulting from a design flaw are expected to leave IngerMarine bankrupt and its stock worthless. Peter’s pension is also lost.

  1. Assess the probable impact on Peter’s and Hilda’s return requirement."

here they are talking about selling the gold - converting it to cash … and then looking at the “required return”. This looks to be a worst case scenario.