Ann: Update on Off-Market Share Buyback, page-2

November was a strong month for the Australian share market, which has risen by 24% so far in 2019. Improved prospects of a trade deal provided a boost for mining shares, while the banking sector continues to struggle through a weak operating environment, concerns over capital adequacy and the ongoing fallout from regulatory breaches such as Westpac’s AUSTRAC fiasco. Notwithstanding the strong performance of share markets across the developed world, earnings trends are weak, valuations stretched, placing ever-greater importance on the role of governments and central banks in navigating the global economy through this challenging period.The Fund returned 0.0% in the month, with fully hedged portfolio settings weighing on performance in a buoyant month for share market.

It’s been 5 long years and “we” still haven’t learnt anything ! Is ANYTHING going to change ?
(apart from the 20% buyback)