buffett - this one's for you, page-7

MJS,

An unlisted company (Ferrous) within an LIC requires an independent valuation every 6 months. This calculation would have been included in the Feb NTA.

The real big one that has been missed is this:

LRF is just a fee paying machine for Clive Donner, he doesnt give a hoot about the shareholders. Look up the last couple of annual reports and you will understand.

Dont bother picking up LRF, buy one of the two biggest shares it holds - RIV, AGO.

You'll make money a lot quicker than holding Clive's baby.

P