He got a question on his view of new fund structures (such as KII) which are essentially listed managed funds, and are designed to trade at or around NTA.
He didn't like them, and much preferred the LIC structure, which keeps the investment money separate from the share price, so, as he put it, investment monies 'flow in at the top, but out at the bottom' (rough quote).
In the FGX / FGG presentation later on, he referred back to these earlier comments, as FGX / FGG are essentially investments in a series of managed funds (where money tends to flow in at the top and out at the bottom). He made the observation that despite the FGX / FGG structure, the fund managers they are using are the cream of the crop.
It was an interesting and unprompted observation by Geoff, which did highlight the difference between their traditional LICs and their new FGX / FGG vehicles.
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(20min delay)