Let's see $3.73/7.19 is 52% of NAV.I like the portfolio of companies and the track record seems fine. On the margin why not buy back more shares to hit the 10% of the float on an annual basis?
This Tom Caldwell guy seems bright, I agree with him in this recent interview posted on the website.
I don't think he is smarter than the discount, especially since it has existed for such a long time, and is near it's low. Take FULL advantage of the discount please.
The biggest reason for the discount is the Dual Class share structure with the controlling shareholder holding the majority of the voting shares. Absent this, over time the discount would close more.