valuation, page-52

Hi I looked at your numbers they are mostly in line with my numbers but a couple of differences. The biggest of which is the other investments my model unpacks them and as I have it they are around $746 million. So my total value is $4,287. This after taking into account the shares in issue just a bit shy of 240 million gives a underlying market value of each share at $17.90. The difference is that the sp discount used to be much higher as the underlying values based upon the investments share price was north of $21.90 last year - I think at the time the share was suffering from the Perpetual stouch ....

That's the problem with a share that has a basket of investments at some points in the cycle they can trade above NAV ( read underlying value based upon shares held - like an LIC) but a company like this always tracks with a discount because it has its own cost structure and often the dividends you receive are less than you would receive holding the underlying investments in the same ratios. What happens - beware my opinion - is that you always track lower than the underlying values but you get a much more sustainable income as it smooths income streams in cyclical businesses. That is probably fair as you as a small minority holder can sell the underlying portfolio easily into the market SOL cannot so are trapped to a degree having to participate in managing these investments ...