Ann: Net Tangible Asset Backing, page-4

Markets are still falling today. However, IMO it is quite likely that the USA rate hike announcement tonight will not send markets any lower. IMO, markets have already more than priced the hike in, even if it turns out to be a monster 1% hike which nobody is even predicting.

My LSF portfolio watchlists are probably well out-of-date, but they still provide an indicative forecast for the NTA, and they tend to match what the market has been doing. I'm expecting tomorrow's NTA announcement to be down approx another five cents. Then, for Friday's NTA announcement I expect a bumper-dumper ten to twelve cent drop. In other words, NTA down to approx $2.90.

But don't panic, all this seems to be already priced into LSF's current SP, which these days tends to fluctuate about twenty cents below the NTA. By the time that Friday arrives, it seems likely that markets will be rebounding after the uncertainty of the FOMC rate hike is out of the way, thus pushing LSF's NTA upwards again. My conclusion is that if today marks the bottom of the current correction then today appears to be a good buying opportunity for LSF, as well as for many other beaten-down stocks.