Understanding the phenomena of company discounts

Any amount of clever people expend huge amounts of energy and use up too many grey cells examining t...

Any amount of clever people expend huge amounts of energy and use up too many grey cells examining the phenomena of discounts in the investment company market. Because investment companies are closed-ended vehicles with fixed capital structures, they will have a level at which they trade (share price) and an underlying net asset value (NAV). All public limited companies are the same but the portfolio of an average investment company is very easy to quantify on a daily basis (it is, after all, just a sum of its parts which, themselves, are mostly easy to value, quoted companies), so a grea...