The sector has historically traded at a premium to NTA, it is now trading at a discount for first time since 1996. Discount to NTA historically <20% is exceptional let alone 70%. IMO this a direct result of a combination of events: excess premium to NTA going into 2008, the GFC and the likes of CNP, AFS and now BNB.
Attached links below are at Aug 2008 so will look into getting a more updated chart that shows current weighted avg discount across the sector to historic trend.
