Ann: Net Tangible Asset Backing, page-5

Yes I agree over the life of the fund he has hardly shot the lights out. But there has been periods when sp has traded at premium to nta and everyone thinks he is unreal at his job
I like the fact g w has a large stake and buying more around $1. I like the buy back around those prices.
Asset prices are running out of steam globally. Pe are at all time highs. Does that mean crash tomorrow, no, but I am tending to agree with the managers thought process as risks continue to build. I just think he was way too early in his calls