PNP and NAVSo, if you're investing in PNP you pay about 3 times the price for the same stocks you could buy in the open market?? Don't talk about warrants because they use fair value to calculate the nav. You could defend such a premium when this was a small company (like LV?) and growth percentage would/could be higher, but as the company grows these high percentages are more and more becomming difficult to sustain and even arithmetical impossible. You will see the rise in share price level off and in the end it will move to the NAV.