Further to my last question on PGIC, (you may have covered this), why would this not recover after 2010 with the rest of the market?
Split corps are typically set up so that if the assets fall below a certain level, the value of the Class A units are used to fund the distributions for the preferred units. The drop in price was during a period such as this. Specifically, PGIC cancelled all its distributions in 2008 and did not restart them until July 2024. They were also started at a significantly lower rate. As an income stock the lack of income resulted in no interest from investors, and shares have a -91% 20-year return. With assets of only $8M it is also very small, resulting in even less investor interest and also high fees on a per-unit basis. Units could trade higher but we would typically own these types of securities for the distribution, opposed to an expectation of capital growth.