EDV.to: Been burned at least twice on these investment companies. One British insurer with substantial financial investments in other small businesses went bk, the other a Canadian with dot.com type businesses during those days. Now times and interests are different and so now it seems like I'm looking here at an investment/holding company with natural resource underpinnings.
The issue - the issue as I believe it anyway (and I could be wrong) - is that the portfolios consist of non-public companies, so the holding company gets to determine their valuations.
So, for example, on the balance sheet, investments which cost $57M are valued at $90M. (And I was under the impression these things should be valued at lower of cost or market.)
OTOH, the company reports strong realized gains, an affiliation with a big mutual fund family, and a low p/e. (3??)
I'd like to see some discussion of this stock rather than company puff pieces on how good they have been as regards roe, etc. (I'm not saying they're not good, just that for the low p/e I presume there must be another side to the story, and I wonder what it might be.) |
