I can't say I've spent much time reviewing monthly updates from...

I can't say I've spent much time reviewing monthly updates from Bailador, but I find it strange they have not at all addressed the elephant in the room.

Fundamentally these guys have one of the exact same issues as Blue Sky, which is how they value their investments (considering they are unlisted) and the independence of the valuers.

I'd say it potentially is even more of an issue than Blue Sky, because the Bailador NTA assumes that all assets will be realised at the current value......when several might simply pull the pin.

I run a startup myself and have listened to some presentations from VC's about how they invest and they assume they are going to make big money off 1 or 2 investments out of 10 and that effectively the rest are worthless.

To me Bailador seems similar to a VC, yet they speak to the market like they are just another LIC holding listed assets that can be realised at any point.

I sense alarm bells, but I personally haven't jumped off the ship yet.