Ann: Weekly NTA 24 December 2018, page-5

peejay; I beg to differ / elaborate on a few of your points. With MQG there is a difference between placing funds with them as a fund manager and buying their shares. Over a long period, I have had poor results for the former (eg. their property trusts and private equity), while the shares have obviously done very well. Indeed, the model has been for the bank to extract profits (not confined to management fees) from an investment, then exit, leaving unitholders to carry the can. I give Karl credit for buying the shares and gaining access to the MQG model and not, unlike me, giving them money to manage. I also recall CDM having around 15% in MQG. I would call this significant. Makes one shudder what the performance would be like if they hadn't over weighted MQG.

peejay & govr; While the shares have recently gone down by the elevator, the CDM NTA has been declining post RAMS for years. it is only recently that the punters have figured out how smart Karl really is and the premium has gone discount. I'd liken it to rafting downstream, then going over a waterfall.

govr; At some point CDM will likely be great value, possibly as a result of the dividend NOT being maintained. Had to smile about your "burying" opportunity misspelling. A Freudian slip?