In short: Referenced cautionary note on owner-operator risk: a controlled holding company where "the asset value is different than the trading price," and a controlling shareholder can move value unequally ("one for you, one for me… one for you, four for me") — buy a big enough discount to win anyway.
29:37and three of them were in '87, '88 against Leucadia. So there is risk in it. Even today, actually, I was having a chat with Alan Kahn and we were talking about Siem Industries and Christian and his concern about what's going to happen with Siem Industries, and I said I don't know what's going to happen there, and you're at risk that the asset value is different than the trading price of the stock, and there may be a
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