true, true. I mean, if they were (briefly) trading at 0.98 of their holding the arbitrage/spin-off wouldn't be worth it -- in part for the reasons you highlight.

 of them, are trading in the 0.5-0.7 range. That gives 

econ

Prediction Markets on War + Unravelling Treasury Companies (MS, Matt Levine)

denlillaapan

true, true. I mean, if they were (briefly) trading at 0.98 of their holding the arbitrage/spin-off wouldn't be worth it -- in part for the reasons you highlight. 

But some of them, quite a _lot_ of them, are trading in the 0.5-0.7 range. That gives _plenty_ of leeway... or **margin of safety as Mr. Buffett** himself would have said