Thank you for putting that question and I would certainly like...

Thank you for putting that question and I would certainly like to hear from you the answer given. I look at this stock as defying logic. It is the purchase of shares or acquisition of LIC's supposedly chosen for their intrinsic quality and already heavily discounted SP value to NTA. In other words as (Geoff keeps saying) any discount to NTA applied to WAR is a further discount to already discounted assets. You cannot deny the logic that it represents value. However market sentiment applies other layers of criteria and can create permanent suppression of that value and that is what we see here. The value will only become apparent if and when the market has a turnaround in sentiment of LICs and I think that with the advent of the ETF that may not happen.