Caledonia Investments (ticker: CLDN) is a self-managed trust whose story dates back to the 1870s, when the Cayzer family established a shipping business called the Clan Line. After the shipping business was sold off during the 1970s and 1980s, Caledonia continued as the Cayzer family's investment vehicle. It only became an investment trust in 2003, soon afterwards buying out some dissatisfied family members. The Cayzers remain the dominant holders, with the family owning around 50% of the trust's shares; this limits its ability to do significant buybacks, and CLDN's discount has widened from a...