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andyfallsoff
frank9755
Sure, but not sure that helps. The fact is that it is trading now (not always) at a premium to NAV. I was setting out reasons to explain why that might be the case.
Those are reasons why it might not trade at a premium, but given that it is, not sure that they shed a lot of light, do they - reasons why something should not do what it plainly is doing?
Actually, turning it round, one reason could be irrational exuberance on behalf of investors in the face of normal valuation logic - maybe that is what you are saying...?