Some stocks demand a little more of their owners, and PICO Holdings (PICO) is one of them. PICO is essentially a holding company where management seeks out undervalued assets, buys them (whole in or in part), and looks to build shareholder value by harvesting cash flow from those assets and/or selling them at a later date.
What makes PICO more challenging than the average stock is that there virtually no analyst coverage and the company's three very different primary businesses (water development, real estate, and oilseed crushing) are not the easiest to value. Although the company's per-share book value performance hasn't been all that impressive in recent years, valuing this stock solely on book value can be...
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