Ann: Net Tangible Asset Backing, page-14

Closed funds and discounts go hand in hand.

Even with the artificial buying back of shares, stepping into the shoes of market maker, they trade at significant discounts.

The sole reason you are absolutely mad if you buy into one at the float - Yes, I was mad.

I will go further and say that any adviser or broker trying to flog them to investors has zero interest in their financial well being.

I will make exceptions for the funds that have offered generous benefits of late - Magellan, VGI etc. Whether this is generosity or just awareness the closed fund mode is on the nose - you decide.

Good luck to any manager looking to get on the closed fund gravy train... it's going to be a very hard sell. As for L1 - all they have shown is they can lose money quick and make money quick. There seems to be no stability whatsoever in their investment process.

As for the market madness at the moment. Where the economic impacts of COVID-19 are seemingly non-existent and the mythical v shaped unicorn will save us all... shows the stupidity of the market. Failing to understand market forces versus a flood of government stimulus propping up the straw house.

At least the market rout in March made sense... and reflected the economic situation. The current market movements just prove when you have no where to park your money ... no where to make a return ... the flock will gravitate towards stocks, as there is no alternative.

This won't end badly at all... now back to my debt fuelled lifestyle.