Ann: Weekly NTA 24 December 2018, page-7

Cdm's model is a momentum one, great for a bull run but terrible in a correction or sideways market. If I compare the 3 months nta published in the December edition of the LMI monthly update. CDM down -12% but I compare that to TEK a micro cap fund down -7% . Not very good, CDM to be out preformed but a micro fund.
Fortunately I caught Mr Karl had an informative event, did not like the answer on the size of the ARQ holdings. Scaled down. Still very much underwater. We all make mistakes, did not expect Karl to make more than myself. That's why I bought in, I assume the fund would be able mange the end of the bull run better than myself I was wrong! Clearly highlights the difference between clever and smart.
MQG always thought it had a smart culture, knew how to play the game. But always been too expensive for my value model.
No Freudian slip in my comment just bad spelling! If the fund maintains the dividend which not sure it can will be a value purchase.
cheers and good luck