buffett - this one's for you, page-8

##An unlisted company (Ferrous) within an LIC requires an independent valuation every 6 months. This calculation would have been included in the Feb NTA.##

I understand that (like I said, close to 20% NTA is in this stock). Key point is it is less readily monetarised if they wanted to.

Plus, you should look at Ferrous's website. Although I have no issues with them and their have a strong board of directors they are not at the moment where they would have expected to be 2 years ago.

If / when they list the value will more readily be recognised - to me at least.

Agree with your comment re Donner. Part of the trust issue I alluded to relates to that.

MJS