substantial discount to nta- ?why

I am not a particularly particular fan of this company, but it is trading at a substantial discount to its NTA.

With an ongoing buyback of shares at a big discount to NTA, I can only see this disparity growing in the future.

I'm not a big fan of their investments or the high management expense ratio, but it seems like you are potentially getting free money here, and who can complain about that.

Can anyone explain the discount to me?