Jack, dont forget that the fund has changed both its strategy...

Jack, dont forget that the fund has changed both its strategy and fund manager in recent times. In the earlier days of Wilson etc, it was a progressive LIC that was ahead of its time in picking stocks and advancing both the NAV and the share price. This it did as I continued to buy on rights issues and other opportunities. Things have changed........ not only management but strategy etc and any LIC should IMO be a trading business, trading out of non performers into performers. And ALF WAS that. Management today seems so inept that they are unable to form either a positive or negative opinion on the direction of markets and so effectively have equal shorts and longs. This effectively means they are going nowhere fast (or slowly even) given that their performance has been dismal over a number of years. Two points in your discussion were “My well tried and tested experience with the stock, is that they don't get things wrong forever,”. And “If they decide to shut up shop, I'll take the 15% gain recovering full NTA and move on.”. My response as a long term holder is that under the current management that they HAVE got things wrong for as long as the current management have been at the helm ! (Which seems like forever.....) and which is unlikely to improve under the current management and mindset; and re shutting up shop ? Why should they ? All they have to do is, to do the same old, same old and keep picking up their management fees with us, the investors picking up the tab for their salaries, but not sharing any of the benefits of their (non) stock picking skills or any significant increase in share price. I admire your optimism, but as one who has probably been in the stock even longer than you, and has seen the difference in styles, performance and share price (decline), I think your confidence is misplaced. They have a significant sum to play with, an amount which would be envied by other fund managers. I can only hope that Geoff Wilson or another fund manager can see a better use for the funds and a better way of managing them. Only successful fund or LIC managers have the share price above NTA, the others are trading at a discount for a reason.