I've read this book too and found that section on spin off's to...

I've read this book too and found that section on spin off's to be the most beneficial and easily implemented. It suggested that there have been a number of studies completed in US that suggest that in the short term (the first 6 months) the spin off can under perform the market as insto's sell out of the much smaller company that doesn't fit their investing criteria due to market cap or ESG concerns (such as EDV) but over a 3 year period, the spin offs on average well out perform the general market as the management team can focus resources around growing the business as opposed to fighting for growth capital as a smaller part of a much larger enterprise. It also suggests that there is a smaller benefit and out performance of the parent company against the general market over the same 3 year period.

I've heard that similar research conducted on the Aus market over the past 20 years has yielded similar results or outperformance. It's part of the narrative I've applied to EDV and why I have invested since it split from WOW. I can see the ESG concerns playing out in the short term but think EDV has a bright future as an independent company.