buffett - this one's for you, page-6

I believe there are a number of historical reasons of trust why they are trading at the discount they are, as well as two other key reasons:

* Most LICs of this size appear to trade at reasonable discounts. CTN (a holding of mine), HHV, FAT ... almost everything under $500M. However, discount here is slightly higher;

* Ferrous Resources Limited. What you say? Close to 20% of NTA is in this stock - and it is unlisted. I believe there have been listing plans in the past but GFC and stock market conditions put a stop to it. However, when this is listed, and if confirming value in line with or higher than the value LRF places on it, there MAY be a re-rating.

Just my 2 cents worth. Have a few of these with average pp around current prices.

MJS