I see the swap from ALF to WMK a discount to NTA play plus a...

I see the swap from ALF to WMK a discount to NTA play plus a judgement of market direction.

ALF has a premium versus WMK which has a big discount.

Its not straight forward because ALF could be considered higher risk and higher performance than WMK over time. WMK's income and price should be fairly static through market ups and down. From the director's point of view they can take manager performance out of the equation. That is something we should consider however.

To me, a swap from WMK back to ALF by the manager would mean the manager is bullish on the market prospects. That, or a 10-20% discount to NTA on ALF will mean I am back in ALF.