- Icahn Enterprises (IEP) is currently trading at a 40% premium to what it calls "indicative net asset value," writes Andrew Bary in Barron's, which seems excessive given performance hinges so much on the success of Icahn's investments. Yes, the company has a small group of wholly-owned businesses, but they produce little profit,
- Berkshire Hathaway (BRK.A, BRK.B) - on the other hand - trades at a more modest 1.3x book and has a group of wholly-owned businesses which threw off about $15B in income last year. With some earnings growth this year, it's reasonable to say the stock's trading at 1.2x end-of-2014 book - the level at which Buffett and Munger have said they're buyers (with $42B in cash on the balance sheet, they have the means to do so).
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