Ann: Changes to allowable investments, page-24

Hello No,

That was a most useful and timely post, reminding us all of the long term importance of investing. Sometimes we get obsessed with the short term changes in share price and periods of under-performance! Look at BHP!

Justin has a great track record, and I am sure he will turn this one around, and was a bit short and under-invested in the recent run-up. WMK has been doing it tough also, and has been pretty terrible in the last few months, considering the rises elsewhere in WAM and CDM etc.

No, out of interest, what was the other top 2 LIC in your performance spreadsheet compared to ASX 300? I'll take a guess it was CDM, CTN or WAM? They all seem to have performed well over the long run.

Regarding ALF, I am going to contact them and ask them about their dividend policy, and how it is tracking this FY. My fear is a big correction if they reduce the pay-out, but perhaps this is factored into the 20pc fall in SP from the top!

Thoughts?