GFL is a listed investment company with a primary investment in Berkshire Hathaway. In the most recent annual report the company was invested : Berkshire Hathaway 75%, Altheny Trust (UK) 5%, Hypericon Flagships 13.2% and Colonial First State Wholesale Income Fund 6.8%.
GFL is a ~$6 million market cap with a NAV of $0.8355. On the face of it this is a classic Ben Graham investment, buying a LIC at a discount to NTA with the bonus of exposure to Berkshire Hathaway.
From reading the annual report it looks like the directors are preparing to return capital to shareholders and / or wind up the company.
http://www.asx.com.au/asxpdf/20100929/pdf/31ssjqk9yp740h.pdf
GFL has returned capital @ NTA less 5% admin costs as recently as mid 2010
http://www.asx.com.au/asxpdf/20100513/pdf/31q9sc2w818s67.pdf
The terrible liquidity and resolution 4 on the agenda for the AGM have however given me reason to not buy GFL at this stage.
http://imagesignal.comsec.com.au/asxdata/20110923/pdf/01221037.pdf
