A slight head wind, page-3

Phillip,

I tend to agree. The recent nta announcement has ALF only $16 million (5%) net long & sitting on $310 million cash.

They can still make money if their stock selection is right. this is a good position in which to be if the overall market oscillates & does not trend. This may be Justin's perception of what will occur.

This current situation with total shorts being nearly equal to total longs is a similar strategy to WMK.

In ALS's February update they state that the All Ordinaries Accumulation Index was up 12.8% financial year to date. This is way in excess of earlier expectations. If the earlier expectations prove to be correct & the market pulls back then Justin has positioned the portfolios well.

Time will tell.