thorney opportunities ltd, page-11

A good example is my recent post on MVT. A fair comparrison maybe. Very skillful activist investing style. Investors got carried away 18 months ago by the names of Brierley and Weiss involved and paid way over fair value, once again in the order of 50% above NTA. Now the investors themselves have done a brilliant job, increasing NTA by 61% in 18 months, fantastic. But if you paid way over NTA at the time despite that amazing investments performance your shares would be worth only the same today.