Ann: Results of Scheme Meeting and Annual General Meeting, page-11

Hi PJ,

We just have to write AFL off to experience. I have become extremely cynical since being conned into an SMSF and am fortunate to have a number of stocks that weren't going anywhere after the GFC but were excluded from the bunch sold to partly offset a big win in 2010. As for LIC's, I have sold WAM when the premium to NTA went too big, ARG at the onset of Covid19 and don't intend buying any more LICs. ALF's stunt has convinced me that although great for diversity, I may be too old to benefit from those with low fees while the those with greed will find ways to extract a higher share when things go bad so it's pretty much 'heads we win, tails you lose".

The way the world is going, lots of analysis on those with what appears to a good idea without obvious fatal flaws are worth small investments if the the person running isn't paying himself a small fortune and is willing to give an approximate timeline to reach specific hurdles are worth small investments. You will find that those two criteria cuts down the number of things you're looking at fairly quickly.

All the best, have set plans for cutting losses, and taking profits, stick to then even when it hurts and don't kill yourself trying to get rich. If you want to chat sometime, I am a consultant living in Perth and my phone number is visible to anyone skilled with Google.

Also I have a reminder in my diary to find you this next year when the result of the each-bet is known

Cheers, Nick