LICs, page-4

WAM and WAX look to be very crowded trades, given most of the time they have traded at a discount to NAV.

Think there are too many retirees chasing yield in these two LICs for me to be comfortable with them.

Also think Geoff risks killing the goose that lay the golden egg given he seems to now launch a new fund every year or so. Spreading his small team too thinly springs to mind. Guess we'll have to see with that.