Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Some Of PICO Holdings' Value Finally Peeking Through

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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