Hi all, Some of the course materials suggest that Investment trust companies may be priced at a discount to their net asset value. ie. (as I understand it) price of 100% of shares < Market value of assets - liabilities In cases where this is true couldn't it become possible for a very wealthy individual to buy up all the shares and wind up the company to make a quick profit? I understand that this won't be practical if the difference is small: -There will be lots of dealing expenses. -Prices of the ITC shares and of the underlying assets may move. Especially if the market spots what's going on. -The investor doesn't have the power to wind up the company. They would rely on the board co-operating with their wishes. -Costs of admin and likely legal fees in making all this stuff happen. But would you suggest that this means that any discount to NAV will be small?