'Buying a dollar for 80 cents' is an old investing cliche that's rarely taken literally these days. In a bygone era, 'net-nets' - stocks trading below the value of their net tangible assets - were a relatively common occurrence. Some investors built their whole portfolios (or careers) around them. But finding them today is easier said than done. 

When dealing with listed investment companies and listed investment trusts (LICs) though, buying a dollar for 80 cents is commonplace. In fact, according to Daryl Wilson from Affluence Funds Management, buying at a discount should be central to the strategy.  

Not only is it possible to pick up assets at a discount, but "the quality of managers is tremendous," says Daryl. 

In this episode of The Rules of Investing podcast, we take a deep dive into the world of LICs. We cover the basics and some common jargon, how to pick a great LIC and some common pitfalls to avoid, and Daryl shares some of his favourite LICs in the market today. 

Visit Livewire Markets here for a full transcript of the interview.