Ann: Change in Portfolio Value, page-12

@Jack1960...the trouble is that the buyback only reduces the number of shares, sharing the NTA. It has nothing to do with the underlying performance of the fund. We all agree, that the fund is a train wreck and that JB has been at the helm of this runaway train for far too long and, as you say, both the stock selection and the fund performance IS appalling and capital destructive. All fund managers make errors and go thru good and bad times, but JB is unique....... you only have bad times with Justin !!!!!
How a Fund Manager can underperform for so long and remain convinced of his own infallibility with his strategy, when the results are staring him in the face EVERY MONTH.......does not auger well.
You would have to wonder if he is now in it merely to collect the management fees. It’s either that or something we are not aware of.... cause he’s not in it to make a profit !!!