TPOU NAV is now at 10.67, the shares trade at 8.59 ask. I think getting $2 off a decent hedge fund is a good deal, Loeb should beat the market by a decent margin over the next 5 years. I'm putting half my IRA in Loeb . . . even a return to NAV generates a 25% return, not to mention growth in NAV. Have to buy this in a tax protected account, it may be illegal to own it in a taxed account.
NAV now at 11.16, shares trade at 9.45 ask. Third quarter letter. http://www.thirdpointpublic.com/default.asp?P=520291&S=520293
I remember when I used to read hedge fund letters a while back. I believe it was the letter when he admits that the feds are circling (this was 2-3 years ago) looking for dirt on him and his fund. Then they were 20-30% below NAV. He explicitly told people in the letter not to use the information and try to arb the fund. I guess being traded on an exchange, you could have bought up his fund and been 100% hedged with the underlying for a longer term arb. But since its non-public info, you "couldn't" (i.e he would go after you with his tie around his head)
Nice find, wish I had seen this earlier. At a 15% discount, you will earn 118% of his actual NAV return.
There are a ton of sellers between here and $10, that's where the fund came public. But over $10 should be smooth sailing, the discount could narrow quickly.