I would only ever buy into them when I can't access the...

I would only ever buy into them when I can't access the strategy through the unlisted - open structure. Most requiring in excess of >25,000, more so >100,000. Outside of that... no way.

I hope you aren't comparing annoyed investors in LSF, who have lost half their investment in under two years, with others who simply can't accept poor performance. This isn't poor performance, it's downright incompetence.

The only thing we have become accustomed to is hearing how the market is wrong, but they are right. So comforting.

Regulators do and always have restricted IPOs. And they need to take a big, long look at this antiquated money maker for managers.