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The discussion on earning power here doesnt apply to ICAP as it is not an operating business, but a fund that holds a portfolio of operating businesses. Having said that, we also shouldn't be taking the collection of all the portfolio companies' estimated earning power and assign a value to ICAP based on its % ownership. This is because ICAP has no control over its investees. Using NAV / equity for ICAP's case is the most appropriate because it is reflecting the market value of its holdings
ROE should not be used as a gauge for an investment fund as they do not have control over the earnings, except maybe to keep cost as low as possible, but the so called earnings are not entirely in their control. It is actually the NAV that should be monitored.
There is only one approach to know whether ICAP is worth holding or not. It is to know the quality of the stocks that it is holding and the discrepancy between the value of the portfolio relative to ICAP's NAV.