I've generally used post-tax for all LICs on the basis that...

I've generally used post-tax for all LICs on the basis that eventually tax will be paid. The only time I don't is for when one hasn't done that well and pre-tax is lower, because in a buyback or wind up situation tax credits are usually worthless.

In some ways MFF's price to NTA ratio in the last several years is like CSL's PE ratio. Either you pay up above 'traditional' values or you don't own it. I was lucky to have acquired all my MFF prior to 2011 when there was no need for such a decision.

With regard to MFFs comment in January, perhaps it was a roundabout way of saying it was not a good time to buy. If so, a good call as it turned out.