Ann: Net Tangible Asset Backing, page-26

That near zero net exposure that ALF have, will work well if you get both long and short stock
selections correct, it should actually take the market direction out of the equation,which it
appears to have done on the way down and again on the way up with ALF

I find shorting individual stocks pretty hard because the stocks that I
think are expensive are the momentum and growth stocks that keep growing when you
think that they logically shouldnt... but the market simply doesnt care for my logic most times

So IMO there is nothing wrong with ALF's strategy, its just their execution of that strategy
It could be a matter of timing, but I dont think that is the case with ALF

L1 team seem to be in the "Zone" at present, it is the same as in sport, being in the zone
means that you dont think...you just do, you act on your hunchs or intuition, anyone who has
been in that zone will know what I am talking about, it has only happened to me once in sport
but probably 2 or 3 occassions in the stockmarket...it is where all that information that is going
into your head everyday jells with the knowledge built up over the years...and paints a mona lisa

Now an average or good player can play an abslolute blinder maybe once a season or even
once in a lifetime, a champion player can often do this several times a season or more, that
one game for me was actually like being outside of my body, I had no idea how long was left
in the game and when the siren went at the end of the game, I didnt even know we had won

Its kind of an existential thing, all great batsman have had a form slump at some stage, its kind of
where you stop acting on instict and belief in yourself and FOMO takes over...its kind of the same
in the market IMO, but maybe in the market its more the market coming around to your way of
thinking and valuing things the way you value them, when you get an experienced team with
a good track record over the years together with the market aligned fully with your thinking
and most importantly your "gut" instict, well thats just where great things happen

Anyway, I have decided that it is me that is taking too much risk and not mgmt, when your hot
your hot, I will reduce some of my risk by lightening my positions, but still think the market is overbought

enough rambling
cheers grant