An Updated Analysis, page-3

Thanks Lies. It was you that got me onto trading 25% of my holdings to take advantage of the large price fluctuations. Thanks for that, as it has been a very successful strategy for me.

I agree that the shorters will continue driving these large price fluctuations, but I would think their influence will gradually decline as TFC continues to improve in quality and value, and the market becomes more aware of its strengths.

One of my conclusions from my analysis is that, as the net asset value and the net tangible asset value keeps improving as it has over the last three years at least, the average price (100 or 200 days as you prefer) will go up just to keep the same discount. If the discount decreases, which I think it will as the quality improves, the average price will go up at a higher rate than the rate of increase in net asset value. This could still take a year or two, but I would think the upward trend in average should be clearly apparent before then.

In the meantime, I agree we should take advantage of the price actions that we are seeing, and to which you explain so well.