Reality Check, page-95

There must be many investors who bought LSF at the beginning at $2.00 and have grimly held on. So maybe there is a big overhang of potential sellers around the $2.00 mark.

There are two ways to break through the $2 SP barrier. One way is to hit the barrier hard with the full force of the buyback. This strategy carries a high risk that the ammunition might run out before a breakthrough is achieved.

The second way is for the NTA to rise so much that it simply floats the SP over the $2 barrier, as Transcender has already suggested. This strategy depends on how well LSF's investments perform. LSF's long portfolio appears to be well-positioned for the post-covid bull market, as is demonstrated by LSF's stellar performance during November. After LSF's $2 SP barrier has been overcome, then the buyback and the bull market and LSF's value-driven portfolio will probably send the SP on a high roll. Dream or reality?

The optimistic view is that, from now onwards in a post-covid bull market, any market corrections will be short-lived and just part of any normal bull market.

The cautionary pessimistic view is that some LSF longs might fail catastrophically or that some LSF shorts might rise through the roof. Also, if the bull market stalls and crashes, LSF's NTA and SP will falter, as will the SP of most other stocks.

At the moment, IMO the optimistic view is positively indicated for longer-term investing.

Meanwhile in the short term, my calcs indicate that, when the NTA for Friday 4th December is announced on Wednesday 9th, it may show an after-tax NTA above $2.28, perhaps above $2.30.

I think that Transcender is right, and I think that the $2 barrier may be coming under sustained attack within the next week.