That's my understanding re the distributions. They have to have accumulated profits to pay distributions. They stated they can make the next one but not thereafter.
Repayment of capital wont cut it - as that drops the value of the asset.
Reality in my view is that this type of fund needs a market with a direction - even if its the wrong direction. Market neutral and then the problem is that they are no different to WMK as that then seeks to outperform interest.
I think that they are at risk of just dropping further and further as income seekers go elsewhere.
I could not attend his presentations, so any insight you can give would be very helpful.
What was his view of how they were going to make money?
Why the overseas mandate as I am not sure they have the research they have here to play that game?
Saying the premium was unsustainable would really have irritated me - you are paying a premium for expertise. That expertise and skill set was good - what has gone wrong?
What did you take from the meeting?
Where Does The Next Dividend Come From?, page-28
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