All good Cocky, it is hard to keep up with so much information...

All good Cocky, it is hard to keep up with so much information bombarding us each day

AACo and DBF have saved my bacon this year, I have held AACo for a long time but really

topped up at the right time in a big way, and I started buying into DBF with the sale of the

SA property because they were doing what I considered was the right thing for holders by

selling it, at what was at the time, a very good price IMO and a tidy profit

I have a few other ag holdings but nothing like what I held in AAC and currently hold in DBF

Without owning a farm there isnt really a lot of ag choice in the listed company space, there

are a few unlisted funds and trusts, but just like DBF you will pay mangement fees on the whole

of the NTA, but you dont get to buy in at a huge discount

Of course the whole idea of managed money is to make the managers money, thats where

OPM comes from, I would think that often decisions are made that conflict with shareholders

best interests, by all money managers, I dont personally think that DBF have crossed any

red lines in my way of thinking to justify your initial post, my biggest beef is the performance

fees, but they were clearly stated in the prospectus and if we had a big uptick in the NTA

caused mainly by property revaluations, well I suppose it is better than being flat or going

backwards. But I think the majority of property gains are behind us for now and I dont see

operational gains combined with revaluations making over a combined 10% for a few years

to come, so the fees should stay lower than this year

I did spend a day in Forbes in early June on the way back from a job I took to the gold coast,

things were generally still very wet, from what I could see (without a drone) lots of canola

doing very nicely at kentucky, hard to tell what was going on of a few of the other properties,

I think a shareholder open day and tour would do wonders for closing some of the gap, maybe

have the agm in Forbes and the following weekend open to take a good look around

Take care
grant