I would say 9 times out of 10, buying an investment company at...

I would say 9 times out of 10, buying an investment company at 40% above NTA will lead to poor returns, especially one charging huge management fees such as this.

If you are valuing the intangibles, you are placing a value on their management skills. Now I agree they are probably good managers, but the price you are paying for these intangibles is massive, especially given the fee structure. Have you read about the fees they plan to charge?

I think paying over 10 cents now, you would probably need their investments to compound by at least 20 p.a. over the next decade, just for this to turn out "ok". How confident would you be of that occurring?