Ann: Daily share buy-back notice - Appendix 3E, page-41

Oily, just had a look at ALF and some of the announcements and cash holdings. Geoff has increasd his holdings this year but prior to that, not for some time. John Abernathy, a director of ALF, sold the majority of his holdings in early 2017. You stated that ALF does better in a falling market, but they have reduced their cash holdings and their longs and shorts in almost equal proportions. That doesnt tell me that they are expecting a large fall. Incidentally, re Geoff Wilson being a good barometer, in most of the Wilson Funds, cash balances have been reduced, telling me that although Geoff is cautious, hes not storing cash for an impending fall. Incidentally, have a look at the long term charts for ALF since 2014, whislt the NTA may be significantly higher, the share price has been falling consistently and after all, NTA means nothing unless the share price increases. You dont trade shares on the NTA but on the share price, and if the share price doesnt increase ??? I think you may be buying me a pie out of any dividend or return of capital, but probably not out of the capital gain !