aaaak,

I totally agree with your point about NAV valuations and director pay, so IMO a good guide is to combine NAV discounts and net-cash positions alongside director shareholdings and dealings. In this regard I offer the part-PE trust NAS in which the manager has recently added £0.75m of shares to go alongside his £34m already held. Such actions make one comfortable that there isn't any book cooking going on.

Des (long NAS)