Ann: Portfolio Briefing and VG1/VG8 AGM Chairman's Addresses, page-20

The article also goes a long way to explaining why Doug & Luciano fell out shortly after the covid crash.

Doug clearly wanted to:
- Hedge USD exposure when AUD fell sub 55c (Luciano did not end up hedging until ~73c, so basically cost investors 20% right there)
- Wanted to be fully exposed rather than short companies post crash (Luciano kept the short book very heavy right through 2020....probably costing investors another 30%!)
- Wanted to stick to high quality & profitable companies eg. WD40 (Luciano moved into hyper growth tech right at the top in late 2020....probably another 20% there too).

Based on this alone, I think he'll manage to persuade many of VGI's unlisted clients to move across.

More importantly, I'm wondering how he will exit his VGI holding. Think it's 10m shares, not sure he can exit on market because it'll slam the share price, Wouldn't be surprised to see some sort of block trade to a number of different buyers at a pretty hefty discount if the VGI ship doesn't look to be turning around.