| It would be difficult to assess who has the most valuable portfolio, because each name being unique, has a different value to everyone.
RS may not have the largest portfolio, but from what I know of it, it's quality - and the thing he does is ring more value from a name (when he comes to sell one...) than anyone else.
If I were a better salesman than I am, I could get far higher prices for my names than I do - and then my portfolio would have a totally different, higher value.
Another thing to consider - if renewal prices keep rising, a smaller but higher quality portfolio will have more value than a larger one - you may even see some of the mega-portfolio holders dropping a few names here and there.... |