Ann: Daily NAV, page-4

I can only assume the falls are the outcome of the quarterly report. No surprises for long term holders but for those that have got in recently it may have been a shock to the system that FOR won’t outperform every year.

Top of the cycle, always going to get hard for a value investor. Steve has shown he does best as a contrarian and the only contrarian play that exists now is to sit on the sidelines.

Hopefully there’s more selling and it hits NAV so I can top up.