other lics, page-31

Good post CK. The bulk of my portfolio is in LICs (ARG, CHO and MLT) and index funds. Even if ARG's portfolio delivers no alpha at all, I'm more than happy to hold it as a low-cost, diversified basket of high-quality stocks. It's looking particularly good at current prices and I look forward to filling out my application form for the SPP.

And yes, you are quite right about the pre- and post-tax NTA. Seeing a vast gap between these two numbers just makes me proud of the huge tax bill ARG has clocked up, but will never have to pay, by virtue of its rational buy-and-never-sell investment style. As Buffett says: "Our favourite holding period is forever."

Good to see ARG getting some coverage on this site!