Eric Sprott-Investment Genius???ROTFLMAO, this Sprott dude has a lot of hype from past accomplishments, so I hear. OTOH, anyone who runs a fund that trades at a 33% discount to NAV is an idiot, plain and simple.
Unless, of course, this MLY joke is actually just a convenience for hedge funds, like, ummmm, Sprott, and 'friends' to short with impunity on slight recoveries toward NAV. That has been the clear pattern. There is NO REASON for this fund to be languishing at a severe discount to NAV for this long a period of time, unless someone is making money on the short side, believe.
Again, at the risk of redundancy, Sprott told investors during the last CC that 'steps would be taken' to move the market price toward NAV. I see nothing has been done since then, in fact, the discount to NAV has INCREASED.
I reiterate, MLY is a scam stock, run by a scam operator.
I can't wait to hear what Mr. Sprott has to say next week. Let me see, how about, "We don't understand why the market undervalues the assets in MLY", and "We will be taking action to assure that shareholders achieve NAV parity". Yeah, something like that.
Now, if I were Sprott, I would be 'advising' hedge funds to buy into MLY, in advance of rolling this fraud up, thereby assuring they are made whole and then some. Who is the recent large buyer and do they have any connection historically with Sprott. Or are they just opportunitists who will be in a position to actually put pressure on Sprott to fold this turkey to create a nice profit for them.
That would make more sense, like a shareholder activist play such as Carl Icahn, buy into the issue, get position up to a level to put pressure on the board, and cash out on the bump.
Sprott has shown no action, just talk, to improve shareholder value, AT LEAST TO NAV, so someone with balls will have to do it.
Sprott is a scammer, it is clear.
JMHSHO
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