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Great-West Lifeco Inc. (GWO $52.26)
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Power Financial Corporation (PWF $36.31)
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Power Corporation of Canada Subordinate Voting Shares (POW $56.20)
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IGM Financial Inc. (IGM $46.47)
Q: I am interested in buying GWO but wonder if I should be buying PWF instead? PWF has a holding company discount of over 15% which seems to imply that I am getting IGM “for free”. But then there is a discount on POW too and I don’t understand the two-level holding company structure -can you explain this? Why does POW not issue POW shares to PWF holders to eliminate one of the levels? Out of GWO, PWF and POW, which one would you buy?