I watched the most recent investor day which was a great insight...

I watched the most recent investor day which was a great insight and overview of the business, especially nice seeing management from all the parts of the entire Infratil business speaking as well.

I know what you mean by likening it to Wesfarmers, similarly how I compared it to Washington H. Soul Pattison, both business are essentially listed private equity that do very well from trading assets through cycles or riding structural growth trends - the old premise of buy low and sell high and that everything they own is for sale if the price is right.

Fair point on liquidity on the ASX, quite noticeable on an intraday charts - this would likely keep most wholesale / institutional investors out of the position (or else they'd have to slowly chip away to get in and could not get out quickly either).

Thanks for the information on the management fees and ways to look at valuing all the parts, I've got some more reading to do!