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Damien's avatar

Great post, with which I concur, and particularly the focus (or lack of) on how buybacks are implemented. Unlike HVPE, i hold FAIR who long had a large NAV discount, clearly laid out a plan to reduce (with buybacks) to the point that recently the SP was at a small premium. Done in a disciplined way they can work - interestingly FAIR's investment mgr mandate states they have to refund 50% of any fees whilst the SP is at a discount to NAV- which I don't recall seeing elsewhere.

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Steven's avatar

Hi Donald, I have been a long time follower of yours on Twitter and just stumbled on your Substack just now. Great article thank you. Once the market turns and money floods in I like to think investors will see the opportunities and discounts narrow.

Looking forward to reading more of your financial articles 😀.

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