65 cents here we come, page-7

I agree completely...The figures and facts dont lie Mike...they have not played this market rout very well at all

Couple of things...The buyback ann said that the most they could pay for boughtback shares
was .7904...so does that mean that our NTA currently is that plus 11% or is based on an
average price last 5 days etc...so we are out of any help from the buyback at present

The underperformance in March is probably their bet on oil...like karoon
They got that completely wrong

But they are not robinson carusoe...look at the regal funds long short fund RF1
But at least RF1 got it kind of right on the way up

On the other hand VG1 have played this rout pretty darn well

But we are where we are now...the question is are they positioned for the future

They look like they think that telecomunications and oil/services are where the
value is going forward...I dont get paid enough to work out if they are right

I did sell a few at open today...when I saw the NTA drop

I think that I am more nimble than they seem to be....who knows maybe we
have not seen the bottom as yet

cheers and take care
grant