News Summary

• Loews Corporation is a diversified holding company with major stakes in insurance, energy infrastructure, and hospitality.
• Controlled by the Tisch family since the mid-20th century, the company has consistently compounded its book value per share at an annual rate of over 8%.
• Yet despite this history of measured execution and balance sheet strength, the stock trades at a persistent discount to its intrinsic value.
• That disconnect isn't just due to a conglomerate structure; it's also a function of underappreciated cash flow streams and misunderstood capital allocation.