After a dreadful period between late 2021 and early 2023, Scottish Mortgage Investment Trust (LSE: SMT) shares have been steadily recovering. They’re up 44% in the past 12 months and 13.8% year to date. Zooming out over five years, the FTSE 100 stock’s risen 71.5%. Admittedly, that’s less than the S&P 500‘s 84.3% gain over the same period, which is disappointing. But at least the share price is getting back to winning ways. This will come as a relief to shareholders (myself included). This time last year, the trust was trading at an alarming 22% discount to its net asset value (NAV). Fortuantely, I did top up my holding at those lows last year. I invested £1,000 in May and then again in the summer. In hindsight, I should have bought more shares. It was a colossal 22% discount on a portfolio containing Amazon and Nvidia! But hindsight’s the only 20/20 vision, as they say. To be fair to myself, the stock was already one of my largest holdings. So I was wary of overconcentration. Today, the discount to NAV has narrowed to just 7%. A titanic £1bn share buyback programme announced in March gave the shares a jolt, and...