For normal listed company, yes, it is a norm for company share price to trade above its NAV or NTA, due to the fact of potential higher earning ahead and good prospect and dividend yield return.

For Closed Ended Fund like ICAP, in theory, no, as closed ended fund they had no businesses, what they do is investing in equities market (can be bond as well). It is identical to UT, so buying a closed ended fund at above its NTA/NAV is not right. It is just like a UT NAV is 1.00, you go out market to buy 1.20, wise?

Their (closed ended fund) NAV is their net worth based on market price of their protfolio (as same as UT). But due to the fact, price is subjected to demand and supply theory so price can go way beyond or below its NAV, which happened on ICAP.

TS has some points, but to tell people avoid this counter at all cost seems a bit exaggorated.

I think avoiding this counter at all cost is very funny advise. Investors will never say such a thing. Hardly any good company on KLSE will trade at a discount to its NTA/NAV. I can think of Proton but that is a very shaky company. Protons assets per share is around RM9 whereas it is now trading at about half that value. You will never find well managed stocks like ICAP trading at a discount to their NAV because demand for the stock generally will outstrip supply and thus the price will be higher. However, a stock trading above its NAV isnt a bad buy or being 'monopolised by syndicates'. One has to look at the basket of stocks ICAP holds and see that it has growth potential. If the growth potential is good the who cares if its trading at a slight premium. One cannot have a simplistic view but take an overall view of the stock. Who is managing it? What are its top holdings? What is its past record? What is the general market sentiment? How is global economy doing? I'm sure as an investor, Tan Teng Boo is much more capable than lots of fellows who keep commenting around here.

Check out these articles:
http://klsestockreview.blogspot.com/2008/0...em-on-klse.html
http://www.ahyap.com/blog/icap.php

We have to understand that that is the minority's view on it.
Some might think it's stupid (eg you) and some might think it's worth it (eg klsestockreview), so why not we just let the others do the due diligence and let market forces set the price?
I don't see a point of us debating over this, because you have done your job in providing information.
Since everyone will have their own decision at the end, I suggest this thread be closed to avoid unnecessary postings by spammers, with only a few words?
Again, thank you Vv.SoViEt.vV for sharing. We need more people like you to contribute in providind information none

Regards