LIC's. Clouds Gathering? Or Blue Skies Ahead?, page-5

Buying back does not necessarily alter the price. Two LICs - NSC and CDM have been trading at high discount to their price and the price has remained stagnant to a large extent. They have recently made miniscule increases in price but the NTA has also increased so that the discount remains the same. While agree that it is advantageous for them to buyback it does not help the investor who has come in at a time when the stock was priced nearer its NTA and has weathered the fall. Some of those types of investors would consider that to be unfair. Sentiment overrides fundamentals in todays markets. .