RE: massive5 Feb 2019 17:57
I'm not saying the price won't rise before news of a sale/IPO, but the sp will most likely settle at the NPV value as it has done in the past after a spike. To achieve a new higher floor in the sp the NPV will have to rise to match it. Think of it like any other investment trust in which the market cap trades at around the net asset value of its investments.
The difference with FFWD is that the NPV is based on book value, whereas we know the investees have made huge developments which will have increased the inherent value in the multiples. We just just won't see it until that value is released with an IPO/sale. All the indications are that there is huge value in our portfolio and growing at a phenomenal rate.