other lics, page-22

"I don't mind paying more for performance."


You should, jamber.
This LIC has $145 million in net assets, and in June 2007 they slugged a $10 million perfromance fee on top of Admin costs (in essence taking credit for the bull market). This year they made losses and only charge the 2% Amdin costs (ie taking no responsibility for the bear market).
In the long-run this fund will take on avarage a 5% pa haircut from it's manager, and let me tell you, this will drag down performance. Nobody can generate a 5% alpha in the long-run. It just ain't there.



"I hasten to add I hold more ARG than CTN."


As you should.


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