Ann: Monthly Performance Report - May 2022, page-14

I've personally given the FASF a complete drubbing over the past few years, but that has been as a result of my doing something that was completely irresponsible and contrary to all established investment wisdom that has simply happened to pay off. I put 20% of my portfolio onto an extremely speculative early-stage technology stock that has since five bagged, and now accounts for almost half of my portfolio. This is something that Steve can't realistically do, and if I was to exclude that one investment/speculation, then my performance would be broadly comparable to Steve's.

Before that, I generally managed to average around 3% to 5% p.a., better than the FASF, but there was a point in late 2017 early 2018 when the FASF was on a tear and I'd achieved SFA for a couple of years, and so their returns on a market price basis actually briefly overtook my own for a few months.

Ceteris paribus, I've reached the conclusion that at a 15%+ discount to NAV combined with promising valuations in the FASF portfolio is the point where I say "f*ck it, Steve can deal with my spare cash." That's based on the assumption that I can sell at a <5% discount to NAV within 3 years, which would provide broadly comparable performance to what I could achieve as a direct market participant with far more free time for me to spend on other things.

Unfortunately, my assumption of selling at a 5% discount is looking pretty optimistic right now.