Ann: Net Tangible Asset Backing March 2024 with commentary, page-13

Why would someone not sleep when they get paid $,$$$,$$$ in fees to manage a portfolio with a loss of profit of 61% before tax (I am doing better .. just saying ! ) based on last annual report and all this while maintaining 66% of portfolio in cash (I have far less in cash then in bank) and they still have holders on hotcopper keeping sentiment of " BUY " () !!!!! The irony is that fees are based on portfolio value and not the amount of return in term of dividend given back to shareholders !!!

So I disagree with you that ETF has destroyed anything but it is the performance that matters and ETF just given people open performance tracking index, daily measurable NTA, no massive cash sleeping in bank account and return including dividend to shareholders not just fees to directors !!!!