Ann: Change of Director's Interest Notice, page-10

For all those pretending to pick the market - wow why do you not have billions - its really because no-one can pick it correctly most say the same thing year after year and 50% of the time they may be right.

I do think that JB has some issues within their portfolio style - but I don't think that he is definitely wrong. Why should Australia benefit from an America first policy... I don't think we have got over the welfare state mindset and the idea that you can keep increasing taxes on a small wealthy body of people is just plain stupid.

Our neighbours NZ have been outperforming us and they have no CGT and a top rate of 33% for individuals. Nor do they treat us like second class citizens if we want to go live there.

Really I cannot see Australia growing without deficit budgets so I tend to think a fully hedged approach should be better than tending to either side right now.