a fact, page-24

G'day Bacchus,

TSR is the total shareholder return, i.e. share price growth plus dividends paid in a given year.

TPR is the total portfolio return, i.e. the change in NTA in a given year.

TSR and TPR are, over the long term, approximately equal; but in the short term, TSR exceeds TPR when there is increased demand for Argo shares (i.e. a higher than normal P/E ratio); and TSR may be lower than TPR in bull markets when people lose interest in owning Argo shares, in favour of exciting speccies without track records.

Good to hear you've seen the light since the dim, dark ages of charting! It really is a load of rubbish. The only charts I like to look at are the 20-year charts of ARG, CHO, MLT and XAO, which remind me not to panic, but instead to get greedy in times like these.

While the market stays on the volatile side, I see ARG's SP remaining higher than NTA. By the time the next bull market hits, it'll probably be at a much smaller premium to NTA, or possibly even a discount. Still, let's not worry too much about these minor details: better to buy ARG shares whenever you have the money.