I can't guarantee that I'm smart or able to enlighten you, but...

I can't guarantee that I'm smart or able to enlighten you, but I'll do my best!

I agree with what you've said: I've done some sums on this stock in the past (see my previous posts) and agree that its net asset value is well above its market price. I think the main factor preventing SEV from attaining fair value is uncertainty: SEV is sitting on a big pile of cash and no-one really knows what it's going to be spent on. To make matters worse, many of SEV's investments since selling the stake in Seven Media have been ill-timed or unsuccessful, and I think many people are nervous that the same could happen to any future investments the company makes.

I don't hold SEV but I do have a few dollars in SEVPC, which if you ask me currently looks safe as houses, given SEV's substantial cash reserves. However, this could change if the company makes any further significant investments which don't pay off.