"Never will happen, but it does show what the market thinks of management."
NO! The market never even looks at NWLI. "The market looks at AMZN and is willing to pay almost 500 times earnings for AMZN even though AMZN has announced that it will have a huge loss in the third calendar quarter that will probably make AMZN sell at 1000 times earnings. You have to understand that the "market" can be irrational for a long time. The "market" is infatuated with internet companies and biopharmaceuticals like it was during the dotcom boom. It won't be like this forever. I have made a lot of money shorting AMZN.
Please take a look at the Retained Earnings on the balance sheets of AMZN and compare it to the Retained Earnings of NWLI. This represents the accumulated results of the two companies records. AMZN has been a public company for 16 years and never paid a dividend so the retained earnings represents its accumulated results and they have been dismal. Even though NWLI only pays a small dividend it has accumulated a very large amount of retained earnings over many years compared to its original capital. This is the true measure of success.
I know it is amazingly frustrating to look at the valuations given out to tech and bio these days. Most new tech (FB, TWTR, etc) are just about selling advertising. Is advertising really worth 10 or 20 times revenue?