Why does John Bridgeman Limited recognise, on its balance sheet, its investments in JBFG as an intangible, non-current asset, whilst HML recognises the same thing as an an investment held at fair value (ie a current asset which is tangible)?
Given that the reported value of JBFG's shares is greater than 90% of the total equity of HML, wouldn't treating this investment the same as JBL does result in an NTA of less than $0.10 per share?
JBL half-yearly report, page-7
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