OK, here is the latest stats on the LIC market, premium/discount...

OK, here is the latest stats on the LIC market, premium/discount data as at 12 Jan 2015 against last reported pre-tax NTA. Have lefyt out a few of the PE types. Bargains are obviously starting to appear, but would want to see Jan 2016 NTA. Caveat, this is Bloomberg data yet to be audited for accuracy (sometimes a bit squirrely)

So, where to from here? Plenty in the do not touch basket. Here's is who I like as fund managers:
WAA, WAM, WAX, AEG, ALAF, WMK, PIC, QVE, PMC, PGF, PAF, BAF. But all have their own issues. Trust in the manager is not the same as trust in the stock. And buying at a premium is a no no in my book. CTN as a special mention, not a fan (as I've said before). A business riddled with conflicts and losing FUM. Better options elsewhere. If you are getting adequately paid to wait, maybe hang on to see if discounts will narrow, but I am skeptical. FXG/FGG also a possibility, FGG for preference IMO. FGX is pretty loose, FGG has more structure in the portfolio composition (i.e. manager and strategy line-up).

ETFs is a whole different question. I'll have a think along those lines and post again.