From my stand point, an institution appears to be building a...

From my stand point, an institution appears to be building a position slowly.

As this stock is thinly traded, on the days they seek to acquire larger parcels they have no option but to up the bid into the high $2.20s.

I have had high priced offers totally taken twice and been able to re-acquire at a 5% or greater discount.

This trading pattern is not commonly found, but I'll take it anyway and reduce a severe over-weight position. The intra-day fire sale late last May and the soft prices of October, 2023 gave investors a very good and deep buying opportunity in the mid - low $1.70s.

I remain very confident, the successive cash outs from Invocare and other takeover stakes provided SEC with ample liquidity to buy oversold stocks (like LNK below $1.50) and fuel the current NTA rally. With potentially more upside to come which should reward all long term holders.

While I am now lightening my holding based on the narrowing of the NTA discount, I am still fully loaded as I like the fund's top 10 holdings a lot.

Wherever I invested a few years ago, buying oversold small caps, I seemed to always find Speria's name in the Top 20 holdings list. Rather than risk mountains of my own capital, i have been happy to invest in them at the deep NTA discount they have traded at.

Outside of a few green energy stocks that have gone to the moon, I have racked up a few serious blunders in the last 12 months needing large scale remedial action to salvage value. SEC appears to be one of my smarter moves.

Leaving small caps to professionals and their risk mitigation strategies is a lesson I have been slow to learn but I am catching up quick.

GLTASH