I have no problem with AFI. I did not buy it because I bought...

I have no problem with AFI. I did not buy it because I bought into MLT and ARG, and I already have 28 listed companies in my SMSF, which is a tad too many.

I have not done detailed research, because I do not have the ready cash to warrant the effort, but I, superficially, fancy GMI as a big-end mining play with exposure to both Australian and non-Australian big-time players in that game. That is, using GMI as a balance to something like MLT, which has low exposure to mining. ARG has significant investments in the likes of BHP and RIO, so it has its own in-built balance.

Big-end miners like BHP, Xstrata and Vale can generate their own cash, so the credit-constrained world of 2008 is hardly a problem to them. The smaller miners who must find funds are going to be in trouble. I would avoid LRF, because it specialises in the smaller miners.

By the way, I am talking about long-term plays, not what might happen in up-coming months.