achtung . serious money talk . beware , page-33

"If you dont feel comfortable owning something for 10 years, dont own it for 10 min".

Its a great way to get you thinking of looking out for superb businesses during distressed times. Great companies with dominant positions, where the business model is hard to duplicate should be on the mind for the long term investor. Something someone reffered to as a moat. One great organisation that has this is TOL. Yes its a fragmented industry, yes margins are tight, yes theres a whole bunch of competition out there. But none at the end of the day can come along and replicate the success of what TOL has achieved. Moving forward; months and years from now they will have a stranglehold on the logistics industry far reaching than today.

Its funny how the herd really latch on and attack the business of Coles. Coles was working way before Wesfarmers took it over. Profits were there. The business was just sub par performing.
**A business that, when its not managed at all and still makes loads of money - is a business to be envy of.**
Go one step further, a business operating in the same field and has been managed superbly to the nth degree; Woolworths. My kind of business!

AUI has been hit, regardless of the great profit result along with the rest of the other quality LIC's. I can only bite the toungue as to why (particularly when the two top holdings are BHP and RIO), but continually seek to add and reinvest at every available opportunity.

The attitude that drives any mania is shortsighted as it is short lived. Adding to such quality during manic selling makes sense for the forever investor.