I'm in with PICO Holdings, symbol PICO. At $10 a share this micro-conglomerate is trading at barely half its $16- $17 book value and probably less than half its real value. Most of the company consists of water rights in Nevada and real estate holdings owned by a homebuilding division called UCP. The water rights have a book value of about $9 and the real value should be more if the company were to start selling the water rights to local developers. UCP has a book value of about $5.50 a share and it keeps losing small amounts of money as the company picks its nose deciding what to do. The real estate is carried on the books at values long since surpassed. The stock lost nearly half its market value in 2015 and late-year selling has been pretty strong, so I am hoping for a January-effect bounce. There were recent rumors that this company would get serious about boosting its price, presumably through stock repurchases. The rumor boosted the stock's price for, oh, two days maybe.