Ann: Net Tangible Asset Backing January 2024 with commentary, page-8

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cutty

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16/02/24

21:15

Post #: 72453415
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Originally posted by Wazz101: ↑

Hey Cutty,

I tried to "fact check" this, as regards whether he is a complete dud or not. as far as I can see, he married wealth, got a prezzie of $1m and turned it into $1bn, so I reckon he is absolutely NOT clueless and if I could do anything like that....happy daze!!

So while were well entitled to bitch about his recent abysmal performance ( Updater and Calix [until recently]), he is far from being an idiot and we should maybe cut him some slack.

the fund is at a 45% discount to @tax NAV and that is because no-one is buying it and are popping their bitter and twisted tablets, rather than trying to make money!
We can fix that and also encourage some marketing initiatives. Being open ended btw also gives you scope to add funds and therefor more mgmt fees.

And yes, running a fund at 1% plus mgmt fees is a racket and we should all be in cheap vanguard et al etf's, but for another day.

The billionaire started Thorney with the proceeds of a parcel of Amcor shares worth $1.15m, a present from his grandmother-in-law. Three decades later, Waislitz runs listed investment companies Thorney Opportunities and Thorney Technologies and has extensive property, media and philanthropic interests.

Wazz

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Dear Wazz,

I would suggest you dig a little deeper into the family history, including what he originally married into. There was no turning 1 mill into 1 billion on the back of his genius investing skills.

You are definitely a glass half full kind of guy - good luck to you. For a fund with an abysmal track record and outrageous fee structure - turning it into an open fund doesn't tend to bring about greater FUM.

Rather, it involves a mass rush to the door.

Popping their bitter and twisted tablets... why would anyone want to buy into this....

The only people buying into it are the ones hopeful it is liquidated, or converted.

TEK Price at posting: 16.0¢ Sentiment: None Disclosure: Held
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1 Great analysis

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