Art, to illustrate the Market's recent volatility, JSB's price has dropped to 91 USD/share since I posted that SPYG's value in JSB was eighty million dollars. The value is now around 2.75 USD/share for Spyglass. JSB's drop is not surprising because its price had risen over 900% since its IPO in November, 1999. With SPYG and the United States general tech market recovering in the last trading session, I would not be surprised to see JSB rising in its next opportunity.
Perhaps anecdotal, last year when Security Dynamics, now RSA Security, held a very large position in VeriSign, the value of VeriSign represented over 50% of the value of Security Dynamics as I recall. Correspondingly, the figure would be at least 34 USD with SPYG's ownership of JSB. Anecdotally, I do not think the Market appreciates the value of these unrealized profits in firms buying portions of other firms, unless you mention Warren Buffett!
All my best,
Osman. |
