Exor肯定继续以相对于其资产净值的巨大折价进行交易。但只要Exor没有大幅缩小价格与价值之间的差距，并且只要法拉利一切顺利，我们真的看不到卖出这项业务的太多理由。
Xer is definitely continuing to trade at this massive discount to its net asset value. But as long as Exo doesn't drastically close the price and value gap, and as long as things are going well for Ferrari, we don't really see much of a reason to sell this business.
即使折价保持巨大，Exor的股票也会随着其资产净值的增加而上涨。下行风险是折价进一步扩大。但我认为，对于这种资产负债表上有真实且有价值的资产、无法完全注销的情况，折价要变得更宽将是前所未有的。
And even if it stays at a massive discount, well, Exor stock will increase as its NAV increases. The downside being that the discount widens even more. But I think it would be really unprecedented for the discount to get much wider for this type of situation where there are real valuable assets on the balance sheet that cannot be entirely written off.