“The type of bargain issue that can be most readily identified is a
common stock that sells for less than the company’s net working
capital alone, after deducting all prior obligations.* This would
mean that the buyer would pay nothing at all for the fixed assets—
buildings, machinery, etc., or any good-will items that might exist.
Very few companies turn out to have an ultimate value less than
the working capital alone, although scattered instances may be
found. The surprising thing, rather, is that there have been so many
enterprises obtainable which have been valued in the market on
this bargain basis. A compilation made in 1957, when the market’s
level was by no means low, disclosed about 150 of such common
stocks. In Table 7-4 we summarize the result of buying, on December
31, 1957, one share of each of the 85 companies in that list for
which data appeared in Standard & Poor’s Monthly Stock Guide,
and holding them for two years.
By something of a coincidence, each of the groups advanced in
the two years to somewhere in the neighborhood of the aggregate
net-current-asset value. The gain for the entire “portfolio” in that
period was 75%, against 50% for Standard & Poor’s 425 industrials.”

I hope that helps.