> I would suggest looking into something that I've mentioned a couple of times here: Investor AB, based in Sweden. INVE-B.ST

Hi,

Thanks for the suggestion! I took a look but I don't think it's my sort of thing.

The NAV discount is useful but I don't want to own the listed stocks that make up about 2/3 of it. The non-listed part looks interesting though.

I wonder if, like BRK, there's some CGT liability built up that in this case maybe counts for as much as the discount to NAV.

There are some other European 'family trust' stocks like this, maybe you've heard of EXOR. Bigger discount. I don't like it either though.

If you are interested in a) 'founder/family owned' b) euro stocks c) with long term mostly rational behaviour that d) don't pay a dividend

Then take a look at this: Fastighets AB Balder. It's a Swedish property company.

I seem to recall you bought into LAND/BLND office/retail holdings at a discount, this one is a Scandinavian office/retail holding company at a discount.

Unlike a REIT they don't pay a dividend, it just snowballs along, and they do buybacks. Currently 50% of the price it was a few years ago.

There's an overview here:

rationalthinking.net - The best swedish real estate stocks

TRS