I agree. CGA appears to be circling the drain at a rapidly...

I agree.
CGA appears to be circling the drain at a rapidly diminishing radius.

I am still astonished that Naos has continued to buy into CGA.
WTF are they up to?

Inter alia, Naos said this back in Sep 2016:

"If CGA can prove that their products can outperform the market, then the funds under
management will increase over time. If we look back to MFG when it first listed it was not
a profitable business for a number of years but ultimately the time and money spent on
distribution capability, coupled with product performance, allowed the funds under
management to grow significantly in a short period of time."

http://www.asx.com.au/asxpdf/20161012/pdf/43bxh9x7bjtnwn.pdf

The operative bit would seem to be "If CGA can prove that their products can outperform the market..."

If... If...
If their aunty had balls she would be their uncle, but she doesn't and she aint their uncle.


cheers