I discount HML 20c because I want to see an independent...

I discount HML 20c because I want to see an independent assessment of the valuation of the unlisted assets

While I personally do believe their valuations, I do not believe mum and dad public do, nor should believe them. To them they have no reason to not believe the Dec 31 NTA figure of $1.15, less the 20c divvie.

Once the currency play is carved out then the market will re-pin the valuation of HML and it will trade closer to NTA, and this will not be long until it does

BHD will trade closer to its NTA because it doesn't have the bells whistles and frills that HML has

I am comfortable waiting for this to play out