Ann: Change of Director's Interest Notice - J Braitling, page-5

Tin, I think one question that I would ask is given the results over the past 3 years WITH HIS HAND ON THE TILLER, why would u put more of someone’s hard earned into a fund that has gone backwards over 3 years ? And of course WGF is in essence being wound up.......
after the results over last years, would he actually get anyone to invest in an unlisted fund ? He’s hardly got the runs on the board, and I think he said that they had no intentions of going unlisted with ALF.....
i think it’s a case of him either knowing or having a pretty good idea of what is likely to happen and getting in early. I mean the SP is down and well below NTA because investors have no confidence in the managers or the results. So why then would the manager stump up a considerable amount and back his own ability when for the last 3 years he hasn’t had any ? There has to be (apart from merely buying at a discount to NTA) a reason for his purchases which is not immediately obvious to us plebs. Never again will I buy an LIC at the float and as I have commented previously, I will in future always look at the quality of management rather than the discount to NTA. This would have been an excellent example to make that philosophy valid.