Strauss,
I have made several comparisons to NNW , MBE & many others in the sector.
The conclusion was NNW is the most expensive of the lot followed by SMA.....Purely based on sales/revenues.
SMA used to command 10% of NNW's MC ,now it is under 5%.
The 10% rule may come into play.
Ann: SMA Quarterly Report, page-23
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