Ann: Investment in Urbix Inc., page-8

I agree, Klue. The trajectories of the share price (down) and NTA per share (up) have been on inverse angles, which can't carry on indefinitely. I'm very happy to hold these names (Skykraft, Quantum Brilliance, Liquid Instruments, Cirrus, Urbix, etc.) for the long term until value is realised in the share price. James Kruger has picked some quality VC names here; 4 of the top 5 in the PVL portfolio have increased in value over the past 2 years. Also, most of the portfolio companies are in stable positions (e.g. long runway of funding or profitable). Just a waiting game really. My thesis is that if the portfolio continues to perform, the SP/NTA discount will eventually close.