Ann: Net Tangible Asset Backing, page-16

I 100% agree with them being greedy supersizing their IPO! I also think there still is an element of greed in them being a bit sluggish with the on market buyback (although it could be worse, they are making a bit of progress there).

In terms of judging their ability to pick a good long / short book of stocks, I am prepared though to give the founders some credit for figures prior to the LIC.

I don't want to appear I am sticking up for them too much in regard to having faith in them having shareholder's interests at heart. I am a sceptic from that point of view and treating this run up in the price with a little bit of caution. My finger is getting itchy to hit the sell button for some of my holding in the next few days. I'll be keeping most of my holding though as I think 20% is still a reasonably attractive discount given they are doing a bit of a buyback, their portfolio rationale seems to make a bit of sense, and there is some evidence they know what they are doing over the long term (even though it can be an extremely volatile ride!).