advice for a novice, page-3

Kaiser, try Ashley Ormond's book "$1 Million for Life", he talks a lot about LICs in there. Scott Pape also likes LICs, he mentions AFI, MLT etc.

Bell Potter does a quarterly "Blue Book" on LICs that you can find on the ASX website - http://www.asx.com.au/products/managed_funds/types/inv_companies_trusts.htm

Personally, I like ARG because of the liquidity and the size. Some are not as liquid, but that's not so much an issue to me because I buy and hold.

Some of them are too similar to each other in their holdings (Sylvastate and Whitefield) and once you get outside the larger LICs, you start finding that their market cap gets smaller and smaller.

Personally, my portfolio uses three LICs and an ASX index fund as the Australian core, plus a selection of individual stocks as the satellite part. Most of these are buy and hold, some I may sell, but much later on.

Internationally, I don't have the time (nor inkling), so I just use ETFs to track Europe, America, Asia and Emerging Markets because I've not been impressed with the 10 year performance of the only two international LICs I can find with low management fees - TGG and BEL.