Ann: Net Tangible Asset Backing, page-3

Agree Peejay. Its been a sad storey for too long and Im a loaded up sucker.

Reading the report part of the underperformance for April was two shorted stocks had takeover offers. Management advised there is a higher risk of this while the cost of capital is very low. This irks me. If we shorted overpriced companies the takeover risk should be much lower. Really the low cost of capital should be an opportunity if we invested in (long) cheap stocks that are at risk of being taken over.