I admire SOL's track records very much: (1) Stable increasing...

I admire SOL's track records very much:
(1) Stable increasing dividends policy
(2) Good board: big holding and the chairman is very astute. I like that he told all of us to buy Westpac back in 2013 or sth in an interview with ABC..... reason being that Westpac low PE and high yield... Just love it. Can't say he's Australia's Buffett but he is an experienced  and successful investor. No doubt. Also no equity raise and stuff..very stable outstanding number of shares.
(3) Flexible investment strategy: e.g. the investment in TPG since 2008, long-term and doesn't mind the so-called "over-exposed"...real owner's mind. It doesn't follow the fundies hype...
(4) Really make-sense remuneration structure: aim to increase the cash flow to increase dividends + beat the market...I also like the new CEO Todd Barlow...

It is a rare and excellent company compared to most of the Listed Investment Companies. Its current CEO prefers to call it "Investment House" instead of LIC. It is worth to keep an eye on it. However, it currently seems a bit expensive to me.

Assume SOL does not dumped or adjusted most of its major listed investments since 31/07/2016 its market cap obviously and currently looks like 30% over-valued compared to its investments. Not an accurate calculation but it should give you an idea. In an optimistic way, SOL is holding up really well.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6
0		a	b	c=(b-a)/a	d=disclosed in AR	e=d*(1+c)
1		Price @ 31/07/16	Price @ 8/03/17	Difference	Value @ 31/07/16	Value @ 8/03/17
2	TPM	12.83	6.41	-50.0%	2,737,949	1,367,907
3	BKW	15.03	12.79	-14.9%	986,646	839,601
4	NHC	1.6	1.665	+4.1%	793,114	825,334
5	API	1.92	1.915	-0.3%	230,813	230,212
6	BKI	1.63	1.62	-0.6%	100,668	100,050
7	RHL	3.27	2.8	-14.4%	52,947	45,337
8	APEX	3.9	4.94	+26.7%	45,247	57,313
9	TPE	2.9	2.42	-16.6%	28,898	24,115
10	CLV	0.41	0.515	+25.6%	19,336	24,288
11	VRM(RUM)	0.023	0.037	+60.9%	8,486	13,651
12	Total				5,004,104	3,527,809
13
14	Milton	4.38	4.37	-0.2%	147,151	146,815
15	CBA	77.35	83.23	+7.6%	60,883	65,511
16	Perpetual	45.5	51.54	+13.3%	27,898	31,601
17	Lindsay	0.49	0.365	-25.5%	27,208	20,267
18	ANZ	25.84	31.6	+22.3%	24,362	29,793
19	NAB	26.54	32.7	+23.2%	23,136	28,506
20	Bailador	1.13	0.98	-13.3%	22,600	19,600
21	Brambles	13.45	9.2	-31.6%	21,783	14,900
22	Telstra	5.77	4.67	-19.1%	21,730	17,587
23	Wesfarmers	42.93	43.6	+1.6%	21,521	21,857
24	Total				398,272	396,437
25
26					5,402,376	3,924,246
27	Plus investment property				92,932	92,932
28	Total value				5,495,308	4,017,178
29	After tax value (Assum tax@24%)				4,176,434	3,053,056
30
31	Market Cap				4,172,700	4,012,300
32
33	Market cap/ After tax value				1.0	1.3

(Do your own research. The above is my opinion only. It is not investment advice. Welcome different opinion and again I admire SOL in a big way. Simply look at Peter Hall's case. His sell-down is a disaster to some long-term Hunter Hall's shareholders but a real proof to show SOL's reputation.)