its about AUM and fee. EG
it has 1000 asset. earning is 100. Total asset now is 1100. Wage to minions and himself is 10. distribution to shareholder is 80 (including franking, roughly). Whats left? 1010
in second year if the earning remain the same as 100, fee is 1% still, then the fee would be 10.1. The distribution, say, want to increase to 85. Whats left? 1010 +100 - 95.1 = 1014.9.
the fee in second yea is 10.1, which is 10.1/10 = 1% higher than previous year. His minions demand a 5% rise in wage. Not 1%. To manage that, you can either jack up the fee % or increase the AUM.
I worked this out a few years back and Immediately I dumped my last batch around $1.60.
No more Wilson's for me unless there is WW3 and the price is under NTA.
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