Back Where I Started
The first article I wrote on this website was about NL Industries (NL), a company, which I thought, was significantly undervalued due to its large holdings of marketable securities and obscure nature. On the surface, it seemed to be a very attractive value proposition given the large discrepancy between the price of the stock and the worth of its underlying securities on the open market. The company also held a private reinsurance business and paid a generous dividend.
While the company did appreciate handsomely in the first part of 2013, it quickly returned to the doldrums and languished in obscurity. Though the company continued to pay a healthy dividend, the "conglomerate discount" persisted...
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