Please Explain, page-40

Jack, no, not beaten...more highjacked. Read locked in... to do well, you must have bought in well and truly prior to 2010. In 2009 i paid .91 but in 2014: i paid $1.37 and its fallen from grace a long way since it justified that price. Interesting word, justified. To have bought at that price meant that i would have taken a calculated risk about its NTA and performance to date (along with the div) and assessed it as good value. Something has had to have changed since it justified that price.... and.... has lost a significant NAV. Yes, it may have been trading above NAV, but to lose value to that degree over what could be conceived as one of the best investing environments in recent years means something is not working. Justin Braitling has already admitted it hasnt and has labelled stock picking (or lack of it) as a major fault. I have over 70k and my wife 40k (shares not $) altho they’re about the same these days. Yes, i too hold a fair number of LICs. Bring up a chart of WIC and see how far they fell and then in recent times their performance. What Im grumpy about is that management obviously hasnt taken on board the reasons why they havent performed, changed their mindset, and moved on (similar to WIC). I last bought WIC @ 86, so have been rewarded. With CDM, altho my holding cost is above the current share price, at least I can see outperformance and intelligence with stock picking AND have more confidence because management are the biggest shareholders. I can see none of that in ALF... (maybe its well hidden).
Resentfyl of management ? No, frustrated ! Only fools do the same thing over and over again and expect a different result. What i think they have been doing for the last 2-3 years is foolish in that they have expected a different result! I guess at the end of the day, the only thing that significantly matters is the share price; and unfortunately on that note ? The barking is only getting louder ! Cheers.