Ann: Investor Update Presentation, page-3

The most value generative action they can take is to close the fund and give everyone back the money - $27mm created in buybacks! Is the performance on s6 adjusted for this?

s5 - is the 5% credit holding Armour Energy? Ole Boy Mather got an Alan Bond in Benji - a once in a lifetime fleecing

"In a similar environment the strategy gained 148% in a 12-month period" should have a massive disclaimer - ASIC/ASX should investigate this one... management fees should be linked to this... it is purely designed for retail punters

The trouble is these guys have no idea what they are - are they tracking an index? are they the smartest guys in the room hedge fund? are they a lifestyle business designed to provide a title and dollars to the executives? - returns show the latter

So Freeport is up 2x since March, Teck has doubled and how "active" are they?

Where is a discussion about the current trades, do they move in and out of holdings, what is the cash level, what is the hedge, how do they intend to find liquidity in Boss/Cornerstone, how is the activism campaign with Teck (is Don taking Tribeca's calls?), do they have any geologists or mining engineers on the investment team?

That said, Kudos to the reproduction of some Berstein slides