Ann: Net Tangible Asset Backing, page-13

Doesn't have to a mutually exclusive argument.

(1) people make a choice when buying, and can easily vote with their feet - True

(2) the fee structure is outrageous, and emblematic of limitless greed - True

Both are true statements.

People do make a choice to invest freely. Does that mean they can't make comment on what is an absolute gravy train for the managers? I don't think so.

If you are invested here it's because even with the crazy fees, you are still coming out on top.

This is not a set and forget investment - unlike what some say.

When performance turns, the share price will be hit twice as hard. Firstly, like all closed funds, it will race to a heavy discount. On top of that you have the fee structure.

Anyone invested from its float, will realise how hard the SP can get hit. Conversely, they will realise how hard it can run.

The market is going to sh... I don't mind not having everything invested in a blind ETF at this stage.