Why the NSC theses can languish

This morning on Livewire, Sebastion Evans from NAOS details why one of the NSC major investments (MNF) is languishing. It is a good comprehensive report on how a company which fits the NSC thesis can be treading water despite holding considerable long term value. It shows that the sum of the parts (wholesale and retail ) are greater than the whole. NSC support the theory that a demerger of the two businesses would unlock the true value in the business. Sebastion in this instance seems to be taking on the persona of an activist investor but I have to say that IMO if he is going to insist in holding a company where the market cap does not reflect either the potential or the true value then as the manager of our money and to a large extent some of his own then he has to take the activist steps towards pushing the MNF board to unlock it. Maybe this is the first step in such a process. I write this not to push the idea that the NSC SP is about to rocket or fall or give NSC any excuse for the current discount to NTA - just to point out how and why the long term strategy that NSC touts does not always play out despite a company falling neatly within it. The article gives a good insight into NSC's strategic investing. Any way Sebastion - well done as it is a good article on analysis.