the only value I can see in the LIC space, page-7

Thanks No! It does indeed take patience to buy at a large discount, but no doubt we will see large discounts again sometime soon! ALF was recently quiet large, briefly!

I already hold WAM, some that I brought cheaper a while ago, but think the premium is too high at the moment. WAX also is a 5 percent premium, but it has been a standout performer, so justified I guess. Your right, who knows what the next 5 years holds, but I am sure of one thing. We will have a bull market sometime in the next decade, where WAX with its small and mid caps will do very very well. WAX seems to be able to maintain a more consistent dividend, so will be good for my fund.

WAA on the other hand is volatile, as you said, likely to be because of poor turnover, low cap and trading nature. I do think it Geoff Wilson has plans to get WAA back on track and increase the market cap and liquidity, but giving away capital as return is not good over long term! I bet WAA will rocket again to 1.20 and beyond, but I am unsure how this could occur with high cash levels.

WAX is it I guess, start with some small parcels and average down if it drops.