An old, yet widely cited study from 2002 documented 82 cases in which the market value of a listed company was less than the market value of the company's stake in its subsidiary (Mitchell, Pulvino & Stafford, 2002). Shows just how retarded & inefficient markets can be. I believe MUA is approaching one of these exceptionally - and unambiguously - mispriced assets.
Chart Update, page-9
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