RE: Estimating NAVI'm quite sure your calculation is an over estimate. However if things keep moving like they have been it may become a reality.
Basically I'm comfortable with PNP around 3.5 at this stage. If NAV sits between 4.25-4.5 on the Dec 30 report then there are 3 things that might happen come March when yearly report is released:
1. If in early march the precious metals and uranium sector are still marching forward then the SP will catch up to the NAV, and move forward cautiously (maybe 5$ by april, if markets still moving forward?)
2. If the stocks move sideways and then this sits bouncing around 3.25-4$
3. If the markets are going down, even slightly, then the drop in price is huge. Seems like people anticipate huge drops from this thing and the support level will sit around .5 of NAV (2.25$).
Also, if the NAV rises to 700 from 350 at the beginning of last year then Sheldon takes a nice huge bonus. If next year the NAV drops back to 400 and then rises to 700 again then he gets the nice bonus again for the same rise in NAV. What kind of return, year over year, can we expect if 10% of the gain is chewed away each time the NAV bounces back and forth between previous levels?
Any comments? Am I looking at this the wrong way?