The stock may look cheap, but in a worst-case scenario, in 2008, it traded as low as 25% of its claimed book value.

Leading managers have low salaries and often let stock options expire even when they are in the money, which suggests that rewards are not closely tied to creating value for shareholders.

Currently, low risk appetite co-exists with low interest rates, the market trend opportunities still have to wait, but the value stock wheeled market is still expected to continue.