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

Nta down 4c! How do you do that? That includes buying back shares at a big discount which is a free hit. I’d intended to buy back into ALF thinking that they were just out of cycle, but this prolonged underperformance makes me think they either can’t adapt to incorporate different cycles or they just don’t know how to make money outside a big downturn. (Short through downturn & go long on recovery will eventually work but anybody can do that!) if they can’t ad value why invest in them? The discount looks tempting as does the implied downside protection but the discount is deserved & countered by high fees while the protection from a short etf is cheaper & safer!