hi everyone,

http://www.capitalsouthwest.com/_enclosu...

NAV is 127.68 at 12/31/08. Maybe figure that has dropped with market since year end, so back of envelope, maybe one can extrapolate current NAV of say $117. Current price is $88. So, one can maybe say discount to NAV is 25%.

Here is a link that is not up to date for some histories.
http://rbcpa.com/companies/CSWC_Price_hi...

Effective 12/31/07 CSWC stopped computing Deferred Taxes on their unrealized gains from their holdings.

The market price to NAV of 75% is in line with their historic pricings. Yet there have been many years where the price to NAV was never greater than 65%.

I have not dug into the numbers and valuations. If you look at some old posts of mine, you will probably see where I discussed the potential of less conservative valuations since the post Bill Thomas tenure. Again, no criticism in that towards current management.

I have not re-entered my investment in CSWC, nor do I expect to, unless pricing changes substantially to the downside, but still wanted to share some quick thoughts.

Peace

ron