other lics, page-40

Your data may be correct, redbacka, but if you compare ARG and STW over 10 years or 20 years, ARG wins easily. This isn't necessarily because ARG's portfolio is better, but it's reassuring...as are ARG's increased dividends every year, its LIC capital gains, and the 2.5% discount it offers us shareholders in the DRP and SPP.

It's impossible to predict which one of these stocks will be the better performer over my lifetime, so I spread my money across STW and a number of high-quality LICs. That way, I'm confident of excellent long-term returns.