Still I'm much happier to pay a premium for a strong performer than a discount for an under performer. My point was merely that WMI still has more upside than downside potential to beat WAM's returns over time, so the current SP is attractive.
And about Net Tangible Assets, I'd say the key point is what is tangible, and what is of value but not tangible. The management has proven themselves over many years and well worth a premium IMO.
Would you rather pay $50 for a boat with 50 holes in it, or $110 for a boat with no holes? Assuming each hole reduces the boat's value by $1? The 'intangible' premium of no holes is worth quite a bit.
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