Dan - Would be interested to hear your argument/rational re actual NAV being at a 20% discount from reported...in this price-depressed, mark-to-market environment that sounds almost like an oxymoron to me.
To give a few examples, Jdd, jqc, jpc (all nuveen funds) are leveraged funds currently trading at 25% or so discounts. I know that with different managements and portfolios, they are not equal, BUT are somewhere in the ballpark. I dont own any at the present, but.
Dan - I understand the discount of NAV to market; what I understood from your post that I commented on was that you were saying that REAL NAV was even lower than published NAV, which I'm positing is backwards in today's market, i.e. lower quality assets are being valued below the value of their cash flows, which is to say they are being valued falsely low, as opposed to falsely high. Did I misunderstand you post?