Ann: Letter to Shareholders - COVID-19 Update, page-2

A good analysis of both the current situation (in quite broad terms as it can only be) and the possible effects on their current portfolio. So nicely written Sebastian. Their philosophy and strategy are spelt out again and probably make more sense now than they did during the "hot" period of the market leading up to this mayhem. But the question can still be asked - "did it work for the bull period and generally I suppose did most LICs gain any credibility during that bull period". IMO the answer is no - it seems that Sebastian is saying that the NSC investment theme may not work during the bull period but when the bear period arrives it works. So fellow investors make sure you buy NSC in the bear periods to gain any capital increase because as sure as hell you will not see much capital gain (or even preservation as happened in the last 3 years) if you buy in the bull period. That is my take on all of this and I guess it aligns with Warren Buffett's old chesnut.