Joseph Busha from JM Busha Investments chose Liberty as his stock pick of the day, while Rowan Williams from Nitrogen Fund Managers chose Old Mutual. Busha said Liberty might have lagged behind since 2008 in terms of returns, but its embedded value and price to embedded value were the cheapest option between the four major insurers. Williams said Old Mutual’s long-awaited de-merger signalled its return to its core — a South African-focused life insurance operation. “Some of the valuation metrics of this remaining business are quite attractive and it also trades to a discount at embedded value,” he said.
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