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The asbestos liability is overstated - their insurance covers the large majority of it. I agree with you on the two businesses; I would love to see them split them up, but like you I don't find that scenario likely.

I've spoken with the CEO, though, and this is a well-managed business. They don't worry about the short-term, and with no analysts to please, they are happy to invest for the long run even if it means less-than-stellar numbers right now. I'm happy to sit on this one.

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