Waiting for the market to realize the value in PICO Holdings (NASDAQ:PICO) is not unlike waiting for paint to dry. The shares are up all of 9% in the past 12 months, though the six-month performance (up 11%) is a little better. Part of the problem is that so much of the company's asset base rests on a stronger housing market in the Western/Southwestern U.S., and that just hasn't materialized yet. While I would suggest investors who want to own holding company-type investments should certainly consider names like Brookfield Infrastructure (NYSE:BIP) or Macquarie Infrastructure (NYSE:MIC), PICO does have some appeal for those investors particularly interested in playing a Western/Southwestern housing recovery.
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