Quote Originally Posted by belgarion View Post
DB says NTA @ 2.50 ... SP @ 1.72 ... Yeild 3.6% ... IFT buying back its own ... Gotta love how the market thinks sometimes. ...

Quite clearly IFT is just too boring to invest in!
NTA nowhere near that level...

IFT is an interesting one

Has some great investments (Welly Airport, TPW and maybe Greenstone and maybe IEA).

It also has some poor ones - the rest.

It has quite a bit of debt

And it has a very expensive management contract to Morrison & Co. Which is why the value of the company doesn't get close to the value of the underlying assets.

Morrison and Co's fees in recent years have in now way justified the performance they have given (Greenstone and IEA investment may prove me wrong though).

IFT's wonderful long -term performance has been 90% driven by TPW's performance (which you could have had by just owning TPW and not incurring all the IFT expenses on top).

Best IFT investment currently is IFTHA which is yielding 8.5% and will deliver a very strong capital gain if the 1 year swap rate ever rises.