You could look at it another way, too. From the lows of 10/4/11, AWP has advanced 20.62% plus paid a 5 cent dividend, for a total return of 21.65%. RWX from the lows of 10/4 has advanced 15.2%. Now, I don't credit Alpine's management for that huge outperformance since 10/4, the same way I don't blame Alpine for that underperformance since 9/21. Obviously there were a lot of panicky weak hands in AWP who couldn't stand the pain.
I remain steadfastly bullish on AWP. Today the NAV was up 16 cents and AWP was only up 7 cents, once again putting the discount at a too-cheap 14.22%. To me, a fund of reits that pays 10.4% that sells at a 14.22% discount to NAV is a compelling bargain. Not as compelling a bargain as when we were debating this down around $5.00-5.10 when it was yielding 12%, but 10.4% is an awesome yield. I bought a bit more down there, so my average cost is a bit better, and I got another 5 cent dividend. I have no fear of holding AWP. It's opportunities like this that you have to take advantage of. AWP will close that absurd discount to NAV and be trading over $6 shortly.