Ann: Reinvestment of Management Fees by the Investment Manager, page-13

Garbage ? That’s your opinion…. And as a holder (you) and Stumped (as a non holder), we will see who is correct. Personally, I thought he did a great job of analysing the. Cash balance and assessing their ability to continue to pay dividends quarterly at the same rate whilst holding relatively few stocks (compared to other fund managers), the key stocks of which are declining in value. One of the benefits of holding a diverse portfolio is that as long as most go up, you can afford a couple of poor performers in your PF that doesn’t significantly affect the NAV or the longer term performance. In NSC case, both are being significantly impaired. Your comments are showing your nativity….. there is enough to pay current dividends, but based on current performance and performance of key stocks which are declining, the amount of future dividends are at risk unless the manager sells underperforming stocks (at a low point) to raise liquidity which will further exacerbate fund performance and investor confidence. Don’t forget that the SP is a measure of investor confidence ………….any child able to read a graph which slopes from top left to bottom right, will be able to tell you that there ain’t much of that at the moment ! Fasten your seat belt and hang on ? That’s one option, but verbally abusing someone who has the temerity to point out the obvious ? That’s head in the sand stuff !!!!