Salvation on its way finally!, page-98

Backdraft, you have rubbished just about everyone here who has an opposing view to yours. I spent 20+ years in the Army so that your little insult is water off a (Army) ducks back.
You seem transfixed on the NAV of ALF, and ALF along with most LICs have a significant discount to NAV, but unless JB and his merry band of men change their entire investment philosophy from that held over the last 5-7 years, the discount can remain extant and unless JB initiates another buyback at NAV, a winding up of the fund, or a change in fund configuration, the NAV can remain above the SP for an unbelievably long time. Look at the last 5 years. JB must be laughing at you..... he doesn’t have to participate in the buyback, because he continues to pick up his fees whilst being completely useless as a manager and he seems completely at sea in regard to a logical and well thought out investment strategy.
In a heavily falling market, his strategy has failed both him and us as the SP keeps falling. I say again, that as long as his shorts equal his longs, the fund ain’t goin nowhere! Possibly good in a falling market, but what’s the good of that if it doesn’t rise in a falling OR rising market ? And that seems to be ALF.