Really he sold this and bought the other stock in the stable...

Really he sold this and bought the other stock in the stable WMK. If you look at it WMK is more conservative as a balanced hedge. ALF takes a position which has been traditionally ends up long. His shareholding in ALF is around $1,6 million and by moving it to WMK his stake in that is now $500k there its a logical move to create balance between a higher risk higher reward play and a more conservative play. Overall his investment in Watermark funds stays really the same.

So my analysis is very different his investment profile in ALF is historical and given the uncertainty and relative pricing I think its just a logical move.

In fact his ratio of holdings between the two is still very different to mine which is really about 55% to ALF and 45% to WMK. So I read him as still more bullish on ALF than I am, which means he sees ALF as still a driver at around 75% of his total investment. Thats my takeaway from his move which has me thinking I maybe should switch a little more from WMK to ALF but my risk profile is different to his so maybe I dont think its a 75 to 25 split but rather a 60 to 40.

The issue is about offshore investment, that they are now allowed to do in ALF but not in WMK - I would like to understand the rationale around that .