The thing is this discount can go on and on without any movement in SP, making your money useless. (At least you arn't losing it somewhere else). I remember some (17) years ago, CPC had CAB nearly 50% higher than their MC, and it just stayed there for over two yrs. Their interest earned was also higher than their expenses. (They only had three directors). They had no liabilities whatsoever. It wasn't until they decided to move into something (gas) that the SP moved.
Australian Financial review -silver lining article, page-2
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