Ann: Net Tangible Asset Backing, page-9

Tinwins you ask - hard to be a stock picker these days. Had a beer with an old friend who pointed out that around 10 years or maybe a little more ago you could buy Westfield and there would be a slow steady upwards growth now it's direction is very uncertain.

I think that we are having far too much volatility especially for stock pickers. I watched APO go up after its results only to come crashing down the next day. Even RHC was in its guidance but just went down as well.

I think we have volatility and that isn't going away any time soon. Right now I never pay up as I think I will get to buy it at my price if I wait for a couple of weeks.

This is a stock I really want to own during certain parts of the cycle but right now I have sold off 80% of my holdings in it. Earlier this year I started switching some into PMGlobal (PGF) and PM Asia (PAF). My rationale has been to buy at discounts to NAV and get out of a neutral long short fund. I still have a lot of WGF options that I will hold hoping that Watermark get it right plus my 20% of ALF. I have sold out totally of WMK as ALF is now neutral...