It’s a tough game, BillG, to my mind anyway. There are definitely some folks who have a talent for it but my feeling is that fewer people, as a percentage of those investing in ITs, are playing the discount game these days.

I don’t have firm data on it but I get the impression that significant moves are relatively rare and you have to know a trust very well to gauge whether it’s a real discount with a decent chance of narrowing in a reasonable timeframe. And buying big discounts can often drag into owning lower-quality assets.

I think when we do see a sudden move, it can trick us into thinking they happen more often than they do and we set off looking for the next, similar opportunity. I was probably guilty of that myself when buying Keystone when BG was first proposed as manager.

That said, I tend to follow this sort of strategy a little when it comes to regular top-ups and dividend reinvestment, often choosing trusts that I already hold but that the market seems to be under-pricing a little.