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As at Sep 2007, ARG had 1,784,810 TAH and 1,299,000 TTS. This means Friday's plunge in these two stocks cost ARG ~$6.73m, or ~0.15% of its total assets. The market clearly overreacted, pushing ARG's SP down 2.3%. This was despite the fact that the rises in its three largest holdings (BHP up 0.4%, MQG up 4.5%, RIO up 0.6%) would have more than offset the losses on the gaming stocks.

I'm a huge fan of ARG and some of the other LICs, including MLT and CHO. As I started investing in ARG around the $8 mark, I am thoroughly enjoying the bear market as it presents me the opportunity to invest for the long term at very reasonable prices. ARG is a top-class, well diversified investment company that I plan to keep accumulating. To quote Mr Buffett: my favourite holding period is forever.