RE: VCT value24 Jan 2017 23:14
You are largely correct but I think underestimate the exciting low cap area in which they operate and the tax rebate is essentially a gift helping fund the inevitable failures, as you point out, it is immediately discounted in the sale price in open market. To participate in low cap with big potential,diversified, is reasonably low risk and the managers keep you informed on the companies in believable fashion info you don't get from other investments.