are you kidding me , page-15

re: pdns above market premium no premium means that the market thinks PDN's offer is fair, which btw disappoints me a lot. i thought that with PDN's offer, it would dawn upon the market that VUL is so undervalued compared to SMM. but no one bothers to look at VUL as SMM is already good enough. i have no doubt that VUL's valuation would, one day, be at par with that of SMM, provided that it's not being swallowed by PDN.