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Gold/Mining/Energy : Pinetree Capital-PNP-CDNX -- Ignore unavailable to you. Want to Upgrade?

To: keith massey who wrote (83)	12/18/1999 2:30:00 AM
From: marcos	Respond to of 233

We should be using the term NAV, 'net asset value', in place of BV, right? Book value is the value placed on assets on the books, which is usually the cost. If you just switch the terms, Vitalsigns' figures are pretty close, eh? - Message 12321701 .. of course, they assume no changes since the last reported quarter, and there have been changes, like the selling of lumm.

To: keith massey who wrote (83)	12/18/1999 3:02:00 AM
From: Gulo	Respond to of 233

1/2 book seems to be common among the really small 'fund' companies (e.g. wlo, mntx, hmb.a). HMB.A has been trading at 1/2 book for years, regardless of fluctuations in book value. A 50% discount seems inappropriate for a incubator-type capital company like Pinetree. It differs from the fund companies in that it is not a passive investor. OTOH, HMB.A also contributes to management of its investees, so I guess I just don't understand any of it. I'm also uncertain of why Genevest (GEVE.U - cdn) carried its VGIN at $1 (I'm guessing these were flow-through shares).