we should aall email d.stevens, page-5

Bons, There are several things I don't understand in your analysis, and I'm happy to be put straight.

Can you tell many how many of the small stocks owned by CTN had SPP issues last year?
Is not raising/preserving capital at a time of weak markets a sensible positioning strategy for future investment?
How does an NTA gap suit 'suit their purposes' - do they get more fees as a result?

It sems to me that NTA gaps are a fact of life in weak markets - just look at some of the REITS, former bastions of defensive investing.

I'm suggesting that short-term thinking has become endemic lately, and it's about time we all pulled back and let the same market forces that have been operating for decades take their course.

It's not 'different this time'.

And if you want a more meaningful comparison with LICs in a similar market, look at a comparsion chart of CTN, MMA and PRV.