In all honesty a big chunk of BKI shareholders probably don't follow things as closely as we do ("set and forget" retirees holding for income etc.) and probably aren't really upset about the constant raising's because dividends haven't fallen. The performance of these ultra conservative LIC's has actually been really ordinary for a long time now (including Argo/AFI/Milton in that) and I think they should probably tweak their strategies a little bit. Having the big 4 banks and 2 big miners as your top holdings is probably too simple at the moment.
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