Ann: Appendix 3Y - Change of Director's Interest - IS, page-8

"Simply by not doing anything stupid they are well ahead" - very relevant comment Klogg. Indy and the team have a huge amount of common sense and humility. They are also masters of capital allocation. They bought back shares when they were undervalued and are now buying FUM at attractive prices as advisors leave the industry - $600M in the pipeline. They have developed systems and processes that clearly work. I have started to use the "manage the managers" model in my own investing (in my own small way) as it makes a lot of sense. If you can find people that are a lot smarter than you and that work a lot harder than there's a good chance they will achieve better returns than you, right ? Trick it to find them. After subscribing to numerous fund managers monthly reports, working out their style then meeting a number of them face to face over two years I only found two that resonated with me. I'm sure FID have a much better process than me ! Anyway the two were QVG and MX Capital that have been around for less the 24 months. My point is the "manage the managers" model that FID uses is commonsense - find the best fund managers and back them instead of being a rockstar and doing it all in-house. So much easier and less costly to drop a fund manager than sack your in-house managers.