One would normally expect such a fund to be trading closer to $50/share than $6/share and performing terribly.
The thing is, since one can never "look back" at previous results as a basis for determining a fair value, then one must conclude that the entire system is a controlled scam by big money participants. Because if they tell you that one has to be "forward looking" well just who the hell can tell you with any degree of accuracy what could or what might happen it the future?
When one buys a business, one has to look at past performance as a guide. One doesn't simply ignore the past results and make an offer for a business based upon what one thinks the future results might be, either for better or for worse. A potential seller of one's business would have to be pretty scared silly or stupid to price his business based upon the notion that the future will certainly be much worse than the proven past; and, by contrast, a potential buyer would have to be equally as stupid and overly hyped up to pay a price based upon his perception of a much better future while completely ignoring past results which have been not nearly as rosey.
However, Wall street tells you the opposite; everything is based upon the unknown future. BS, and all just an excuse to pump and dump based upon retail positions in one of their stocks.
Of course you buy a business in hopes that future results will be better than the past. Why would anyone buy a bagel store unless you think you can sell more bagels? Capitalism and optimism have always been partners in crime.
But it's a far strech to conclude that Wall Street as an industry is inherintly dishonest. Although with the price action of my CEF's these past few trading days you may be winning me over to your line of thinking.