I'd like to be a buyer here but have gone through these...

I'd like to be a buyer here but have gone through these questions
1. Oracle are you a receiver of commissions? I worry that the watchlist weekly numbers never materialise. I think we've either misunderstood the allocation of leverage or you are a broker
2. Based on Sharkies view about discount I wanted to work out where worth buying more. Tariff wars must be close to over, I'm trying to assess what discount makes sense. I gave ChatGPT the TGF historical fund return numbers (not SP, actual return numbers) and expenses. Arrived at 2 different answers depending on the benchmark we gave it.

The question given was - what is the discount likely to be on this listed equity fund that charges a 1.5% base fee, pays 4 - 5% of its Market Cap in brokerage commission per annum and underperforms the following benchmarks, their historical performance numbers attached

Answer was "When an equity fund has high fees (like a 1.5% base fee), pays out a significant portion of its market cap to brokers (4 - 5%), and underperforms its benchmark, it's likely to trade at a discount to its Net Asset Value (NAV). This discount reflects investors’ recognition that they’re not getting full value for the underlying assets due to:
High costs eating into returns
Underperformance reducing confidence in management
Broker payments possibly indicating aggressive distribution rather than performance-driven growth Let's break it down and estimate the likely discount.
Key Variables:
Base fee: 1.5% of NAV
Broker fees: 4.5% of Market Cap
Underperformance: relative to benchmark

* first benchmark I gave was a resource stock index they quote in their preso
ChatGPT "Conclusion Likely Discount: ~15%–25%. Could be more if the underperformance is persistent and broker commissions seem excessive. Discount reflects both cost inefficiency and lack of trust in fund management's value-add."

it didn't price or believe the broker commission entry in that calc!

* second time I gave it the benchmark TGF uses to charge fees, which is zero performance but told it to include opportunity cost of moves in ASX and S&P and gave it the filings to confirm commission pay away
"to make the fund even remotely attractive to investors, it must trade at a steep discount of 45%–70%, depending on what return, and volatility investors are willing to accept."

contect is interesting for me. we are trading between those 2 queries. they look like a best-case discount and a worst case theo value that you'd hope won't happen bc it would be wound up beyond 50% discunt but prices opportunity cost as well as discount factors. Short term buy at points here with a macro stop