Thanks Tom. Yes, no shortage of stuff to buy that looks attractive right now. I think the discount situation will be very volatile for a while longer, at least until the end of March NAVs are announced.

RCP was still over £20 three weeks ago but slumped to £12.50 and has since rebounded to £17. Crazy times!

All we do know is that things are cheaper than they were, and more importantly, some directors are buying, which makes me think it’s not a terrible time to start buying.

The widening of discounts has been brutal for those who’ve bought in the last few years, even knowing that they’re back to more normal historical levels. However it does arguably provide a bit more ‘margin of safety’ compared with open-ended funds, especially where there are mirrors e.g. PAC or ATR.

It’s also been good to see LTI and SSON at discounts.

CGT has been a disappointment – I’d hoped it would hold up better. I think the property hasn’t helped – not something you could foresee. I look forward to their next update.

RICA is interesting – if their ‘protection strategies’ don’t work now, when will they? The NAV’s held up well so far, though not the share price. Director’s buying. But will they go up like they did in ’08.

BHMG – fascinating. It has done crazily well this year, yet it’s at a bigger discount than ever. I am mystified by this. They also have form from ’08, though arguably much of the team must be different from then. Perhaps people just are wary of something so ‘black box’.

Some thoughts to chew over while stuck at home!

Thanks Griff. Re: the watchlist question you sent in, pretty much most trusts already in my portfolio I suspect, subject to what seem to me to be sensible position sizes. I’m not sure I’ll be adding any new positions, as I’m going to be quite time-constrained, although I may take a closer look at IBT again.