That's incredible, thank you so much. I'm fully on board with your philosophy regarding where value is to be found so it's great to hear you say it. I am under no illusions of being a world class securities analyst so although I buy stuff that is cheap, I never oversize a position because if something looks too good to be true, I tend to think it's more likely that I've missed or not fully understood something than that I've found a particularly large mispricing. That's why warrants appeal to me, because it feels like maybe there are things to be found where it's just clearly mathematically mispriced due to almost nobody having looked at it, rather than needing a judgement based on understanding the business prospects. I hadn't yet thought of an angle to start searching from though so your example is extremely useful. The last thing I've been doing is going through a list of South African stocks trading below book value to find any net nets to look into further haha but after that I'll find a long list of warrants and start looking for situations like the one you describe.
I hadn't considered the CFA exams too seriously because I don't have any plans to manage anyone else's money any time soon (if ever) but I'll take a more serious look thanks. I'll also give those books a read, I've read a couple from Joel Greenblatt and 1 or two others but not those ones.
Thanks again for the insight, it is very much appreciated. Best of luck to you in the markets and at the tables