Ann: Net Tangible Asset Backing - May 2018, page-3

Leveraged and heavily exposed to Macau gambling stocks which are doing terrible at the moment.
I think NTA might be sub 1.10 by now but still a big discount and more to do with sentiment around the portfolio than anything. Will turn when Macau turns.

I like to newsletter as Angus has the opposite politics to me although I was going to cancel. I told them I though the best ideas were encapsulated in the LIC but then they gave me a big discount and access to all the other newsletters so I subscribed again.