Loews is trading at parity against its holdings in CNA, DO, and BWP. The remaining businesses contribute another $6.30-$6.40 in book value, composed of (coincidentally enough) about $6.35 in cash, $6.45 in other assets, and $6.40 in debt. L’s stock price reflected this fairer value in December, but usually trades at a 5-10% premium to the three pieces looking back 12 months.
