Vostok Nafta (OTC:VNHIF) is a Swedish investment company with its main assets in Russia. Despite recent tensions between Russia and Ukraine and subsequent investors' cautiousness towards Russia related stocks, the price of Vostok Nafta has remained resilient YTD and the company is currently trading at a 31% premium to its net asset value. Holding/investment companies usually trade at a discount to their book value, and a premium might be caused only by two things: 1) book value significantly understating the intrinsic value of the assets and/or 2) superior capital allocation skills and track record of the investment manager. As an example, both of these exception criteria apply for Berkshire Hathaway (NYSE:BRK.A), which is trading at 38%...
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