The substantial discount to net asset value presents an attractive investment opportunity, and the company's buyback program demonstrates pragmatic capital allocation.

“Alcen might or might not be a genius, but judging from his just opportunistic buyback actions, taking advantage of the NAV discount in the way he does, he does seem to understand a creative buybacks, which makes him pragmatic as a capital allocator”

Exor NV is an attractive investment because it allows for an arbitrage-like opportunity to acquire high-quality assets, specifically Ferrari, at a substantial discount to net asset value.

“So this is a situation where literally on paper you can buy $1 worth of assets for 40 with much of those assets being in very high quality businesses like Ferrari. It sounds like sounds like a pretty good deal if you ask me.”