I've been reading about LICs and been thinking about investing in ARG or AFI. I notice that these two are trading at a premium to the NTA currently. My questions are: Would I be correct in thinking that when the market drops, the LIC's NTA also drops? If that's correct, it would follow that when the market goes up, so would the NTA. Would that then mean that one would have to wait until the market goes up in order to buy the LIC when its trading at a discount or parity to the NTA? If I wait until that happens then I would be missing out on some growth. If my assumptions are correct, it seems like I would have to choose between the amount of 'premium' and the amount of growth in the market that would be required before the LIC would be trading at around the NTA. Does that make sense? I'm not sure how else to describe it.