Agreed but if you look at it as an alternative LIC then why is...

Agreed but if you look at it as an alternative LIC then why is it now around 10% premium to NTA. Last year they were moaning that it was a discount - I suspect that reality was that after the MLT deal it flew far too high and the MLT holders got a bit peeved as they voted on the merger when it was above $35 I think and SOL was pegged in the deal around $31. So management were hot on any discount as $25 wasn't helping.

At the shareholders information meeting I went to more than 50% of the audience seemed to be ex MLT shareholders.

I also think that MLT holders have been a bit like frogs - slow boil - SOL has really been selling off the MLT portfolio. They call it rebalancing I dont think that stands up any more it seems more like we wanted to raise $3 billion plus and this is actually the cheapest way and by selling the underlying stocks they may receive less net value but they bank plenty franking credits. They love franking credits as a reliable dividend stream they are.

As regards who they may morph into I think the younger team realise that TPG and NHC are probably not going to give them the next growth pathway they are probably going to be either cash cows or plodders whilst we transition. I think these guys want a career to span beyond 2030 and want to expand were they are heading to. The cash flow seems to be flowing towards corporate debt instruments and structured financing at the moment. I think they will use that to find some gems out there and build the next generation of winners.