Agree broadly - all NAVs aren't created equal. Steve mentioned at his most recent investor meeting that he reckons the large NAV premium for FOR since listing is at least partly attributable to basic supply/demand - there's little supply as most FOR holders are from the unlisted days and are long-term, rusted on advocates for Steve's style who've done extremely well over the last 5+ years, and of course there's plenty of prospective buyers who are enticed by a 5-year ~20% p.a. track record who are happy to pay well over NAV to access that.
I chose to sell about half my FOR holding a few months ago (after a ~6 year hold) at around a ~15% NAV premium. The returns over the last 12-24 months have come from seeds that were sewn 3-4 years ago (much of it in the post mining boom world) and finding fresh seeds to sew at the moment is substantially harder as there's no obvious sector-wide distress, so i expect sledding over the next 2-3 years to be substantially tougher.
FOR Price at posting:
$2.05 Sentiment: Hold Disclosure: Held
