Mar. 7 at 5:42 AM
$MLCI closed today at exactly
$5.00. Less than five weeks ago, the company itself repurchased stock at
$9.43. Post-tender book value is ~
$10.39. The market is now pricing the business below a bear-case SOTP that effectively assigns little or no value to the insurance segment and only a depressed value to the asset manager. The real question is not whether the stock is cheap. It is whether 4Q surfaces another LTC reserve hit large enough to justify that discount.
https://open.substack.com/pub/rodalzmann/p/mount-logans-run-when-the-board-pays?r=1t6o6z&utm_medium=ios&shareImageVariant=poster
