Ann: Corrective Action, page-28

There's definitely an argument to be made for that, but it's very subjective - comes down to risk appetite, available cash as you say, etc. There are also times when it pays to roll with the sentiment. It all depends on how well-founded the negative sentiment is, and what the chances are for a turnaround. ALF is another interesting case of this right now (though obviously a very different LIC to this one).

It definitely could be a buy at this price and I hope anybody who rolls those dice gets rewarded for it It's well below NTA and if they keep plugging along making good trading profits and paying them out as dividends then that's great. But I've had enough. They had a chance to contain the negative sentiment by keeping BHD out of the general mess, but they've gone and done the opposite. Reversing the purchase of JBL shares is a good move and maybe they've learnt a lesson there, but I've found it harder and harder to defend their judgement over so many things now. I've also got money locked in HML, so I'm happy to take the money I've made off this IPO and play elsewhere for now.