Ann: Net Tangible Asset Backing, page-18

Following this thinking, I picked some ALF this morning. I also added a parcel of NAC about a month ago and am keeping an eye on MA1. This will be my third go with ALF, the first was absolute dynamite and the second poor.

At some stage their discounts to NTA become too large to ignore, if you can accept their investment approach can add value/ diversity. I also took heart from Affluence's judgement that it's worth accumulating at this price.