Always great to see a nice long thread for a boring stock like...

Always great to see a nice long thread for a boring stock like ARG!

Fair point, rivella, though I suppose M&A activity is reasonably uncommon in the larger holdings (though certainly not impossible) and when it occurs, it's often through scrip-for-scrip takeovers where no CGT is payable (e.g. the Westpac/St George transaction).

I also like to look at the pre-tax NTA as this reflects the amount of money that the company currently has working for it through its investments, rather than the amount that would be left if the company were to liquidate all its assets (a very unlikely scenario).