A London-listed insurance private equity firm trades at £240M market cap against £350M book value — a 31% discount to NAV. The same NAV has compounded at 18.5% per year for the last nine years (11% per year since 2005). Of 23 current investments, exactly one is marked below cost.
A federally-chartered savings bank in the American Midwest carries $39M of book value, sits on roughly $20M of excess capital above what regulators require, and trades at a $24M market cap. The math, before we even get to the buybacks, is $0.62 on the dollar of book — and management
To my limited partners: The S&P 500 index went up 16.39% (17.54% with dividends) in 2025, ending the year with another all-time high just like 2024. The bull market run from 2023 seems unstoppable, an easy 78% gain in three years just by holding the index,
