Ann: Temporary Suspension In Buy-Back Of Ordinary Shares, page-36

Jb clearly went bearish too early, and being early is akin to being wrong as they say. But I don’t disagree with his strategy and I don’t mind his long portfolio (not far off an index or Argo type longs. I’d love to see his shorts though as his short dividend costs are high so he isn’t just shorting wisetech etc.

I suspect things like Cgf and ifl (although that wouldn’t explain the underperformance!) which are my two biggest shareholding’s ironically.