Ann: Half Year Webcast December 2018, page-29

Peejay

"i agree, presumably we thought that our exposure to the downside would have been minimised by having a professional manager and a portfolio of stocks, rather than one parcel."

I am just peed off by my own poor judgement in thinking that someone else would have my best interests at heart  and could do it better than me.

Fortunately my momentary lack of judgement was only a very very small part of my portfolio but honestly if my total holdings had under performed the index over 3 years and I had under performed the XJO by over 10 % during the past month after convincing people to back me with hundreds of millions of dollars I would neck myself.

As I said the loss is minimal and offset by wins but I am still annoyed about ignoring my own better judgement and listening to all the spuikerss telling me  that  sellers of funds in their various guises were the answer to a maidens prays. Diversify, leave it to the professionals etc etc 

The last time I made this mistake was buying into a managed fund 40 years ago on the advise of my bank manager. Rant over. Time for a beer. ( and think myself lucky that I did not put everything into CDM otherwise I would be drinking water . Heaven forbid )