These guys are good stock pickers but the mind boggles at how stupid they have been with this LIC and the brand damage it has caused them. They keep quoting Buffet and his “be fearful when others are greedy and to be greedy only when others are fearful” quote, and that they “like the opportunity to buy low throughout the cycle” nonsense. The reality is that early investors in this vehicle have held through a full cycle and have an illiquid investment, unless they want to pay a 15% discount to exit, which is literally $15,000 on a $100,000 holding!
Now they are rambling on about how LIC premiums and discounts depend on interest rates yet their main competitor in this space Mirrabooka Investments Limited (MIR) trade at a premium to NTA. Mirrabooka invest in the same mid cap space and have nearly identical FUM at $600 odd million. The difference is they have a reputable chairman in ex JB Hi Fi Chairman Greg Richards and they prioritise their investor base's interests over their own.
OPH need to buy back stock TODAY to get the NAV to par so that holders can finally have the option of liquidity at a reasonable price.
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