Ann: Net Tangible Asset Backing, page-15

Agreed with the general view here - BTI is trading at a 33% discount to NTA (and PVL is trading at a 45% discount to NTA) and this reflects the very poor macro sentiment towards this asset class right now (VC and growth equity). But, the cycle is bound to swing back around in time... For me personally, I'm simply gradually soaking up PVL offers to position for that eventual shift whereby the SP discount to NTA may eventually close back to a more sensible 5-15% discount. It wasn't that long ago that both BTI and PVL (among other LICs) were trading at a premium to NTA! Mr Market is often erratic but one thing that we can be certain of is that Mr Market's emotions will go through a cycle. Timing is important with companies like these.