Agreed. Though that's not true of all investment companies (e.g. venture capital companies take on a lot of risk, but are looking for the 1-in-many company that will give them a huge return.), but Columbus Nova doesn't look like that type of company: From http://www.columbusnova.com/about.html "CN takes a value-oriented, long-term view to investing and seeks consistent returns with an emphasis on capital preservation." I'm just guessing they already did step 1 last year with the culling off titles in preparation for this sale.