controversy rages, page-12

Ive really enjoyed this thread, and the Michael West (did he really say Ponzi scheme??) chart from it
I never knew they were so cross invested
But I fail to see the "corruption" that this Dr Benway is on about

He slams the current float by another LIC because the prospectus says it is speculative, and so the return they are promising of 7.2%pa is not worth the risk. Hmm, they are investing in 40 stocks between ASX30 and 300, and not holding industrials. these are stocks with good div yield and high earnings growth.
I've also read a few PDSs on fund manager web sites. I read one from a bond manager and it was Aussie Bonds and really vanilla stuff, and said, "time horizon 7 years, risks etc etc" I think Dr Benway thats just lawyer speaking there

He also lambasts these fund managers for skimming 1% of assets? Huh? Maybe 2% with small companies fund managers, but he knows AFI and ARGO and the like are around .15%

There are a lot of comments he makes that well, would cost him an armful i reckon if he had to substantiate them in a court

To call things a Ponzie scheme, wow. Just wow.

Whats his/ her beef?