Yes, excellent point and definately 5 stars from me.
There is no advantage to buy an equity with a built in permanent discount since it will be there when you sell. At least with an income producing investment, the discount will provide a higher yield even if the security still has to be sold with the same discount.
You are correct and that's why I focused on heavily discounted exchange traded debt issues. Once you capture a great yield the price movements become secondary. Investors need to think about total return and not just capital gain potential. So far the interest income in my IRA account has been truly outstanding. Here I am at 68 years of age and my income is more than the my last year's salary with the company I retired from. I feel blessed that I've locked in an income stream that exceeds my needs by a country mile. I've also told my wife that if I'm not around not to worry about what she she should sell for funds. All she has to do is call our broker and ask them to transfer to the bank the amount she needs above social security benefits. We'll let the kids worry about what to sell after we're both gone.