RE:RE:RE:Round numbersYour observations are spot-on Mr. Moribund. But I think there are a couple factors that point to Urbana having terrific upside.
On the short-term side, Urbana's discount to NAV has in recent years ranged between 30% and 50%. The smaller discount is usually found when the underlying holdings are performing strongly, while the 50% fire sale normally happens only during great recessions and ugly market meltdowns. The fact that Urbana is trading near a 50% discount during heady times points to lots of immediate upside potential based solely on a closure of the discount to fit normal patterns.
Long term, the discount will likely not grow much wider, but could well close significantly. It is hard to see a specific catalyst, but a change in control, new legislation, and exhaustion of sellers into the NCIB are possibilities in the coming decade. And even if the discount remains at 50% forever, this works to shareholders' huge advantage so long as the aggressive NCIB continues: 10 million shares outstanding and a $20 share price is a real possibility ten years down the road if, as feared, the discount never closes.