Subject: Re: Valuation - Alleghany
Jim,

Re Alleghany I see how it can complicate your standard procedure. I can't improve your thoughts on that approach.

Why not just count it as an investment asset at this stage of things? By one definition, IV is the price a well informed buyer will pay a well informed seller. So we know it's IV at this point in time.

Maybe better than we know the value of the other equities.