Stripping out the Mediclinic accounting treatment, the Remgro results were very solid with the intrinsic value per share at R182.54, up almost 20%, while the counter is trading in the high R170s at the time of writing. This makes for a discount to intrinsic value of less than 5%, which must be an all-time low as the discount has at times in the past been closer to 20%. Typically, I would look to be a buyer when the discount is higher than 15%, but what are you buying? Remgro is a holding company and in essence an asset manager much like many other asset managers, which would manage your JSE investments, but there’s one major difference – the unlisted assets, which are only around a third of the value of Remgro. These are companies that the average investor has no access to, so not only does one get the excellent Remgro management team working on your behalf as a shareholder but you also get exposure to companies such as SEACOM, Unilever, e.tv and the like.