Ann: Net Tangible Asset Backing, page-24

Hi peejay2

It was only 200k and that is the only debt that I have, and I do have other assets
about half of that 200k went into lsf and half into fgx

Yeah, that day or so below 70c was still quite scary, I did buy from $1.30 down to .73
and the highest I have ever paid for lsf is $1.42, so I am green on my holding

But beating the fear of the unknown when the blood was in the street, well that takes some
doing...whilst I did buy some at .73 I did then sell some of those in the low .80's to reduce risk

I dont have the same faith in them 'knowing that their system works'
If they knew that their system worked, then they would always win, and they
clearly dont always win. They put $25 million in just before the big fall from
$1.40ish down to high .60's...that is $12- $15 million down, if they borrowed
this money...the lender would be pretty nervous if the money was secured
by lsf stock...anyway its all good...the call never happened and the SP and
NTA has doubled since then

The leverage is nearly 300%..nearly 200% long and 100% short...yeah it nets out
at 100%....but these are independent bets so if they get it right with both the longs
and shorts...we can see these huge up days, but also if they get both wrong and they
have before, then thats big falls like what we saw on the way down in march

I have no issue taking risk myself, I just suppose not knowing the make up of the
fund, especially the shorts kind of makes me second guess my position and exposure
to this position more than I would like

I think VG1 on the otherhand can do the same leverage in theory...but they havnt so far

I suppose you just have to take that leap of faith...I was very supportive of mgmt
on here when some others were bagging them very early this year before
covid, I stuck up for them because the 2019 NTA figures were quite good, and mgmt
were being judged by the SP performance and not the NTA performance

Again the NTA is nearly back to par, so we should be judging them on that
and not the SP, maybe the best thing to do is put what you are prepared to lose
of these in the bottom draw (maybe sell the rest when NTA discount is say 10-15%)
and just hope that they keep getting it right, otherwise the volitility in the NTA and SP
is probably going to buck many off at probably the worst time as well

I did buy yesterday again at $1.38, but not as many as I just sold at avg $1.47 over the
previous 2 days

Lets hope the buyback was working overtime yesterday, I was surprised how far it fell
after another positive NTA result

cheer grant