I personally don't like REI. 75% of its value is in a stock that I can buy myself. The remaining 25% is so spread out across investments, that any of them shooting the lights out is hardly going to make a dent in REI's NAV. I like Brait. They have guts - they take big stakes in companies you and I can't buy. They are sitting with bucket loads of cash right now, thanks to the Pepkor offload (which I am still personally disappointed about) - so you are paying a premium for the cash - or rather a premium for Brait's deal making ability. But any company with R20bn in cash has got some serious deal making potential IMO.
I like BAT...but they did get it wrong with their Buildmax holding....although at current BDM price, I imagine this is barely a blip on their radar. On the other hand, I do hold REI in my own long term portfolio.
Bat have already used a good wad of that cash buying Virgin Active and The New Look clothing chain in the UK. I reckon they'll sell those Steinhoff shares in due course and then do some buying overseas.