@hostileredman.   Unfortunately, I don’t think it will happen...

@hostileredman.   Unfortunately, I don’t think it will happen and I don’t know what the catalyst for change will be with this dog !  JB ( I cant even bring myself to spell his name anymore) has Brought in some fresh blood, but like any ocean liner, it’s going to take a while to turn this “beached whale” around.  To this day, I don’t think JB really believes his strategy is wrong..... I think he thinks that he’s just had 3 years of bad luck.  Another contributor on another forum made a very good point.....”there’s a difference between being smart and being clever !”   I havent got a uni degree and JB has.  That makes him according to qualifications, smarter than me !  But is he clever ?   According to my calculations, one could have increased the value of the fund by 10% by just putting it in the bank. But wait a minute.... then he wouldn’t have been able to justify his fees for “managing” the fund, even though he’s managed the fund to lose money !  Reliably.  Consistently.  Inflexibly.  He’s richer than me and pulling In  More a year than I am, so that probably makes him cleverer than me: but he certainly hasn’t had the shareholders in mind while he has been “trying out” his failed strategy for the last 3 years.  I would like to think that buying at a discount to NTA would pay dividends, but I have cautioned a number of times that unless management and performance improves, then NTA can stay where it is, and so can the SP at a large discount.  My preference is to target the manager rather than the discount to NTA, and the only way that I would look at JB would be on a launch pad with the button in my hand. With approx $300m capitalisation, I dont think the managers would delist ALF based on its past performance. 1.  Loss of management fees.  2.  Who would invest in the new managed fund after its performance over the last 3 years ?   I don’t know how much Geoff Wilson has invested in ALF personally, but I do know that JB significantly topped up his holding last year.  Surely 3 years is sufficient time to realise that “the experiment” hasn’t worked.  I wonder if they are both so wealthy that they do not feel the pain of loss (or by default, no gain).  I can’t believe that at some stage, GW will not intervene to change the strategy.  He is a pragmatist, and even he (after the recent significant falls) must now be able to see that JB can’t make money when the market is rising, and doesn’t appear to be able to make it when it’s falling.  As a stock picker, he would be a great role model to take a 180 degree contrarian approach against. You’re correct...he’s been washed up for a while now and anyone who persists in an idea for 3 years that has proven not to work, lacks flexibility and appears to be well and truly out of ideas.  One wonders what can be done to minimise our suffering, or indeed if there is any plan to do so !