Poetic Portfolios

When the Against the Sky Portfolio was initially launched, I stated the principles of the portfolio and how investments would be allocated. Now is a good time to look at the current allocations of the portfolio and re-visit the principles as initially conceived.

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Over the past several days, I’ve looked at CapitalSource Bank, CapitalSource’s Health Care Real Estate Portfolio, and CapitalSource’s equity in securitization residuals. The equity in each component of these businesses is $916 million, $650 million, and $910 million respectively. All of this for a company with a market capitalization of less than $500 million.

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So far, I’ve looked at CapitalSource Bank and CapitalSource’s net leased health care properties. The two combined have a book value of almost $1.3 billion and intrinsic values that are likely 20% higher than this value. Yet CapitalSource has a market cap below $500 million.

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