RE:RE:RE:RE:NAV 92 centsIn good times it can trade as much as 80% or more of NAV. Only once did it trade at 100% of NAV and that was very brief, I think it was around $10 or so, but easy to check if interested, They have this info on the web site, at least had it.
PNP is also highly leveraged with warrants etc so not only when bad times do those warrants get lost for ever, but the reverse is true if they hit it big and they get to excercise those warrents and as a result share price could theoretically trade at above NAV.
The problem is solely to do with liquidity. Most of the stocks in its portfolio rarely trade any shares during a normal day, only a few are very liquid, which makes the share value trully a paper value.
I really like PNP, despite its many flaws like Sheldon....but it is not an investment, it's a gamble... so don't go betting the farm on it.
BTW, look at MGA and MGP, PNP has strong positions in them and both are moving again upward.