Ann: AGM Presentation, page-7

I agree Jimmy and that poor pricing in the first round of funds was one of the reasons I sold IMF. I recycled that capital into LCA which is up 50% over the same period IMF has been flat but LCA is now delisting ASX.

With this new pricing I do see merit in the funds business but I think the time to buy this will be when these exposures materialise (badly). Do you have any sense of how these exposures are built into the current SP?
I need to sit down and do the math again on how to value this business (under the new model) to try and work that out. Either the market is liking the new model and discounting these cases or the market is under appreciating the new model and valuing these cases.