But to scan the record and draw too precise conclusions from the variations is a mistake. Leverage company changes in net asset value of common stock may be more influenced by the degree of leverage than by investment results, and repurchase of stock at a discount is also a possible important factor in the changes in net asset value of closed-end companies.4 Other adjustments may be made, but the main problem is not to obscure the meaning of the adjustments. One financial publication discontinued the use of a "gauge," issued quarterly, and has contented itself with periodic long-term statistics covering dividends and net asset value per share, the former divided clearly between dividend payments from capital and those from income.5 The use of comparisons in short-run periods is to be discouraged. An investment company may do better than the average of its contemporaries for a three or six-month period, but no serious investor should pay attention to results in absolute or comparative terms, except for a time period measured in terms of years rather than weeks or months.

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