As a holder since inception, and a significant accumulator during this 20% discount to NTA, I accept the intra month news with some quiet consolation.
ALF has never been a buy and hold stock, it demands trimming and topping up. The last 3 years have been one way traffic, and all of that bad.
It would be rubbish for me to suggest I have done well out of this, but neither has it been bad. I called it too soon in stepping back in, and have been dragged into a continuous averaging down position ever since. But that was exactly what happened 6,7 or 8 years ago (who can remember the years) when what followed was both an income and capital growth bonanza.
I don't expect any repeat of that performance, and I certainly am not going to hold all I currently own if the price approaches NTA. But that is 20% away from where we are, and if they shut the shop and offer an exit something like WMK, I will walk away pretty happy.
Has Justin learned some lessons from the last few years? I think so. Can he repeat his previous recovery? Sadly, probably not.
At current prices, assuming we can recoup all prior year tax losses and get some value out of that disastrous overseas foray, this market neutral stock should be on every value investor's radar.
