A small attendance of 15-20 with some of the points I noted;
- an interesting graph showing that the most common annual ASX return is 10-20%. This year will be the worst on record, maybe - 40to 50%.
- biggest returns were after recessions 1975 was one at +60%
- they are a top quartile fund manager and this will help maintain mandates. FUM at 49.9% owned vehicle are down but still A$ 1.2 billion
- Bundy ex Merrill heads up star studded board
- Directors contol 50% of the fund manger 49.9% owned by CCQ
- NTA is only just ahead of cash. Fund mgrs have been written down but NTA still 68c~ in Oct 08 v 35c price today
- bought Olympus this year (INE manager) 65%~ for .7m
This is clearly a bargain at these levels on a risk/reward basis.
A small attendance of 15-20 with some of the points I noted;- an...
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