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No. of Recommendations: 4
With book value staying pretty flat, there are pretty strong indications that the business is mediocre. Then, even if it is selling for say 20% discount to intrinsic value I wonder sometime is it worth putting our money in it. After all, my rate of return is mostly going to be dictated by how much the business earn on an ongoing basis rather than closing this gap.

Having said that, where do you all put the subsidiaries of LUK overall in terms of quality of business. I really don't like the asset management business and from what I can tell it has performed poorly even in such a benign market. Jeffries - highly cyclical and is probably considered much lower quality than other big powerhouses. Then the beef business, timber, Linkem etc. - all of them won't really make much difference in terms of what the company will earn overall.

would love to hear thoughts here.

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