Please Explain, page-56

Murra, as a "simple punter" I think that YOU as opposed to Justin are actually the opposite... one very smart and observant punter. Other LIC's and we shouldnt forget that ALF IS one, put out monthly progress reports with a commentary on the whyfore and movement of stocks in the fund and their opinion on the market. All we seem to get is a monthly asset backing report of a couple of lines always showing a decline in value and under-performance. WGF is no different ! And as bons said "All fine - except that was not their declared mandate when most investors bought in. " ALF was a purely domestic fund... then they brought in an overseas exposure. THEN they started WGF with purely international slant; but, performance or lack of it is exactly the same - negative. So do we blame domestic stocks ? no, because its been an investment paradise for the last 18 months, do we blame international stocks ? no because if you include the US, its been red hot over that period. Whats left ? Yup ! the management of WMK. Enuf said !