Ann: Net Tangible Asset Backing, page-9

No offence taken Crafty.  I have also posted my opinions previously about the dangers of buying purely on the discount to NAV.  You are quite correct in your assessment and in this case the only winners are the managers who persistently and year after year fail to perform, come out with a miriad of excuses but are never shy when it comes to holding their hands out for the fees.  It’s a win win situation but ONLY for the managers !