CKX Land (CKX)

A land company that owns more than 13,000 acres of land in Louisiana that it leases out for timber, agricultural and oil and gas exploration. The land holdings are undervalued on the balance sheet. The stock also carries a nice dividend of 2-3%, and last year paid out a dividend of $1.00 per share.

White Mountains Insurance (WTM)

An insurance company that has grown book value at an annual rate of 17% since it IPO's in 1985.

Kansas City Life Insurance (KCLI)

A small, family run insurance company that trades at 75% of book value. Sixty percent of the company stock is controlled by the Bixby family.

Wellsford Properties (WRP)

Wellsford is a company that has been in liquidation over the last few years, slowly selling its assets off, but reversed course and is now merging with a real estate information company called Reis, Inc.