Brooklyn Investor Loews $$L
Taxes: Oh yeah, and I haven't assumed any taxes on the above calculations. In recent years, unrealized gains seems to be offset by losses (note the deep discount to book value of CNA). So it would be a wash. Plus, these folks tend not to pay taxes. I think any monetization will come through spinoffs, exchanges and other tax efficient means. Part of the discount in L stock might be due to people applying 20% discounts to the value of publicly listed holdings for tax and liquidity. It may be the correct way to look at things, but I'm not convinced enough to put it in my valuations.
Conclusion: Anyway, this L is a really boring stock
Brooklyninvestor's Loews adjusted book value update.
Part 2 is up.