I received AMPL's annual report yesterday and had the same feeling. One hopes that the brokerage community will begin to see it that way as well. Remember, however, that without earnings growth, the investment community may not care for a de facto closed-end fund. Berkshire-Hathaway's recent stock price is a good example--at one point recently it was selling at a discount to NAV--when the interest rate sensitive stocks began to stabilize--and earnings propsects looked less gloomy--the share price improved.
But your thesis is correct--and the portfolio of businesses is impressive.