Ann: Net Tangible Asset Backing, page-4

a pretty sad read. Still slightly ahead over 7 years. Otherwise that rubbish index (which a monkey can beat) was ahead. Anyway, it has been an amazing earn so far for Justin and his pals. Has ripped out some cracker fees in the good years has he not? Well played. It's a manager-centric model. Jag a great year and get a new big house in vaucluse with the performance fees. Get it consistently and totally wrong for significant periods and the poor shareholders suck it up til your next payday. But even a stopped clock is right twice a day. Eventually the market will tank and if he's still short he'll make another jackpot to last for the next stretch of piss-poor performance.

It's just stupid. There's plenty of crappy momentum stocks out there. Why not go long them for a bit? Cobalt. Lithium. Tech. Yes, no doubt they have zero substance and are over=priced, but when the punch bowl is out you need to get up and dance. Not sit in the bunker talking down to shareholders about how over=priced everything is.......and how Justin knows best. Performance says that the money wins.

Time to tip them out and get a manager who can make money for shareholders not managers.