- Became interested in the stock through various mentions in Martin Whitman's "Modern Security Analysis.".
- The company's investment strategy is unique as far as concentration and time horizon and generally aligns with my own. I did not find any qualitative deal-breakers and was generally impressed.
- Operating valuations do not apply here. NAV/share and growth in said metric matter. NAV is somewhat arbitrarily-determined but seems reasonably representative of fair value in this case.
- A return in stock price to NAV/share, NAV/share growth, and the small dividend make a 100% total return in 5-6 years reasonable, or 13.4% annually.
- Sympathize with the long case, but am not investing because some of the firm's holdings don't seem to be excellent businesses and upside is insufficient for me.