Ann: Net Tangible Asset Backing, page-4

If you look back historically, once the market marks down ALF with an NTA discount, it stays at a discount for many, many years. In fact, approximately 70% of the time, this stock has been priced at a discount to its NTA. So no one should be surprised at this ongoing discount, especially when whatever efforts the company made to close the discount have been fruitless previously and also in recent year with the BB.

Once I realised this is the norm, not the exception, I sold out. Holding a share in hope of a white knight (which is what I did for a while) is not a great investment strategy. Improved fund performance should be the savior, not an external hope outside our control.