Conglomerate discounts are common, and for holding companies, the discount can remain persistent if there is no catalyst to realize the value of the underlying holdings.

“And with the point being that without catalysts, these discounts, at least that's what I experienced, can be more sticky, even if they don't seem to make much sense if you just look at it.”

Holding companies often trade at a discount to net asset value due to frictional costs and the market's lack of conviction in management's ability to compound capital.

“I think a holding company trading at the discount is basically the market's way of saying look ignoring what you own today, we have no conviction that you can compound capital at an attractive rate going forward.”

Chris believes that a holding company allows partners to leverage their unique individual skill sets to effectively grow acquired businesses.

“I'm excited for us to be a part of these businesses to leverage our unique skill set I really do think once Brian gets up and running in Florida for example your cold calling ability cold Outreach just ability to grow a customer base is going to be exceptionally valuable and it's going to add anothe”