[Verse 1] When companies stack like Russian dolls inside Holdings wrapped in corporate shell disguise Break apart each puzzle piece with care Sum-of-parts reveals what's really there Take the subsidiaries one by one Market values added when we're done [Chorus] Sum it up, break it down, piece by piece we go Asset-based approaches help us really know Book value adjusted for the modern day Holding companies show us the way Parts are worth more than the whole sometimes Asset-based valuation draws the lines [Verse 2] Balance sheets can lie when times are tough Market prices crash but assets buff Liquidation value tells the tale When the business model starts to fail Distressed situations need this view What remains when creditors come through [Chorus] Sum it up, break it down, piece by piece we go Asset-based approaches help us really know Book value adjusted for the modern day Holding companies show us the way Parts are worth more than the whole sometimes Asset-based valuation draws the lines [Bridge] Historical cost won't cut it anymore Replacement value knocking at the door Intangibles hide beneath the surface Asset-based methods serve their purpose Conglomerate discount disappears When sum-of-parts makes value crystal clear [Verse 3] Berkshire Hathaway's the classic case Multiple businesses sharing space Railroad, insurance, candy stores Each division worth much more Than trading multiples suggest Asset-based puts it to the test [Chorus] Sum it up, break it down, piece by piece we go Asset-based approaches help us really know Book value adjusted for the modern day Holding companies show us the way Parts are worth more than the whole sometimes Asset-based valuation draws the lines [Outro] When the market's blind to hidden treasure Asset-based gives us the measure Holding companies and distressed deals Asset-based valuation reveals
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