The disparity between the underlying business results and stock prices

What does Berkshire, Markel, AIG, Piramal, Shriram Transport Finance, Shriram City Union Finance, Yes Bank, Fairfax all have in Common?

All these stocks are in my portfolio and in the last 12 months despite a strong operational result, all these stocks are trading a good fair discount to their intrinsic value. While one might dispute with the Indian NBFC's whether the results can be called strong, it is undeniable that a good growth in book value backed by  conservative accounting and management will deliver long term returns in the market. One must also consider how the NPA rules for NBFC's have changed in the last 12 months. This makes the NBFC provisioning even more conservative...

Patience and the ability to ignore the crowd is definitely an advantage in this market.....