Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-42

To me FDV seems to be doing the same thing as they were when the sp was > $1 and their main cheer leader Intelligent Investor was banging on about them as a multi bagger strong (speculative) buy. I think Intelligent Investor capitulated on FDV but afai can tell FDV is still doing what they set out to do so the investment case is still intact. Where they are operating you have to factor in another flood, earthquake or revolution etc. etc. into the sp risk. I treat FDV as some sort of cross between a thematic etf, active fund manager and activist shareholder. Happy to hold this lottery ticket (which is just now worth more than what I paid for it).