I don’t think the buy back and/or share destruction matters to...

I don’t think the buy back and/or share destruction matters to what I see as an incompetent CIO. After all, he still clips the ticket and gets his salary. Don’t forget that 12-18 months ago JB was a fairly heavy buyer of ALF on market at prices far higher than today. In addition, he did not participate in the buy back but persisted with mismanaging both our, and his money. So he persists with his glossy and comprehensive reports, but that the only glossy thing he produces. Not outstanding success, profits, rising share price or anything like that. When to buy ? When you hear of someone telling you that JB is leaving ALF. Then, watch the share go gangbusters. Seriously, unless it’s privatised or becomes converted to a fund at NTA, with JB at the helm, there will never be a good time to buy as long as JB persists with his obviously and (over a 5-7 year period) downright wrong investment strategy.