article from the australian online, page-7

"Mate I have to comment on your maths. If ESG becomes a 2 bagger from here, ie an 80c rise, then HGO should put on roughly 40c. That makes ESG a 2 bagger and HGO a 2 bagger! a bit different to the scenario you put forward. Let me know why you think HGO should only put on 20% ie 8c rise."

The key word you used above is "should". In an ideal world, Yes, HGO should rise 1:1 with ESG but most times, these holding type companies trade a discount to NTA. I have seen it so many times now that when this scenario appears, I sell the mother and buy the golden child. I like HGO too but the best decision I made recently was to sell HGO and buy ESG.

This non 1:1 rise hs already occurred as early this year, weren't HGO and ESG both at 20c and ESG has accelerated 2:1. It nots really maths, more human psychology.