RE:RE:RE:RE:RE:RE:You Ain't seen nothing yetYes. This is literally called adjusted book value. I did talk to Tim Melton a few weeks ago about liquidation value - as this is how Peter Cundill would value his securities - but obviously buildings are difficult to liquidate. So I would rather have a large margin of safety for these illiquid items. Cash is cash. But real estate is lumpy. Still I am getting a value of $30 or so; buying $30 for $15 is still a good deal. I went with Genesis land instead of Melcor but Genesis now trades close to book value so theoretically I should make the switch. Tim McElvaine with the McElvaine funds and Richard Wong with the Mackenzie Cundill funds aer also quite familiar with Melcor.