Urbana...Sold because I screwed up.

Some lessons are expensive. I bought URB.to because it was trading at a discount to NAV and buying back shares. It seemed pretty good. I mean URB used to trade at a premium to NAV. Most recently NAV has dropped but the share price has dropped faster. So there is an even bigger gap. One would think that I should buy more, and maybe I should.

So it begs the question..."why?" Why would there be such a large gap between NAVPS and share price? I think there is no real confidence in management to execute or there is no real confidence in the sector as a whole. It may be true, things change and exchange market could look quite different from today.

I am selling because I blindly bought URB without dissecting why it was so cheap. I feel that the lack of liquidity has something to do with it. I also have no real opinion of the future of the businesses in the fund. So I feel that there are companies out there with clearer visibility. There has been around a 20% discount to NAV since summer 2008. I am selling cheap to buy cheaper.

More to come...

Dean

Disclosure: Author has sold URB.A