##Case rested##You didn't actually make a case for anything. All...

##Case rested##

You didn't actually make a case for anything. All you pointed out was you made a profitable trade.

GMI can't be compared to LRF from an investment strategy perspective. Apart from the fact they are much more globally oriented than LRF they also invest in large cap stocks.

An interesting observation is that peoples' impressions on LICs and the discount they trade at often appears to depend on (a) if they are sitting on a profit or loss, and (b) if they purchased at float or not. I hold a few LICs, haven't purchased any of them at float, and recognise that certain categories basically always trade at a discount (HHV, BKI, INE, FAT, GMI, CTN, PRV ... ). Trading at a discount seems to be typically influenced by the market cap as it it primarily the long-established large ones that don't. For me, a way to maximise profit is look at the discount range they tend to trade at and buy some when they are reasonably outside the "norm" for them.

MJS