Marc Hasenfuss Editor-at-large

I’ve always been a fan of the old investment trust-type vehicle — you know, the diversified holding company that most other investors find boring and structurally inefficient. So I’m somewhat in my element these days with the widening by the week of the discounts the share prices of investment counters offer on their intrinsic value. Some share prices, like Hosken Consolidated Investments, have dropped so far that the share now actually takes shape as a dividend play.These days it’s really only Remgro and PSG that trade in that "traditional" discount band of 15%-25% on intrinsic NAV. As for the rest, fire sale discounts abound.Counters such as Brimstone, Sabvest, RECM & Calibre, Brait, Reinet Investments and HCI all offer deep discounts on last-stated intrinsic NAV numbers.The underlying message, of course, is that the market doubts that meaningful value will be unlocked for shareholders in the short to medium term. In some instances there might be some scepticism about the valuatio...

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