A reader asked in what range the FFP discount to NAV has been historically, and that seemed like a good question to answer with a graph. I couldn’t easily find historical NAV data from before 2006, but what we do see is that the discount has been smaller in the past, and that the current discount of nearly 50% is at the top of the historical range. It would also not surprise me if the discount has been smaller than 30% if we would look further back.

While this is of course encouraging to see I don’t think it’s extremely important. A 50% discount is a 50% discount, regardless of the past, and I have looked at enough holding companies to know that this kind of discount is big.

Disclosure

Author is long FFP.PA