RE: RE: RE: NAV? Great point Curvature. PNP states that they calculate NAV in accordance with 'Industry Standards' but no such standards exist, just general practice and in this case much of their holdings are in options and also in non-publically traded companies where they simply pick a number that sounds right because the market didn't set one for them. To make things more complicated, it has a liquidity issue. PNP has mostly low-volume stocks and any attempt to sell large portions could erase 50% or more from the share price, so the NAV is just a guide, nothing more, it tells us the first important element - which direction is it generally heading. The second element, and a more important one is market psychology regarding small cap resource stocks in general. This gets back to your point...Voodoo economics indeed. PNP is the place to be when market psychology turns, and one day it will turn, but it could be next week or next year, no one knows but it sure is fun to speculate and bet on it ;)