And that board's decisions often run at odds with his own personal journey, which is to essentially make outsized returns investing money into companies he finds hidden within plain view on the stock market.
The types of stocks he's looking for are usually nowhere near the radar of most conventional investment managers.
His goal is to invest in companies at a 50 per cent discount to intrinsic value which have the potential to deliver a 20 per cent return over five years. Those companies are unloved, off the radar and probably have a lot of debt.
Currently that fund is 25 per cent invested in cash and has a 60 per cent exposure to gold stocks.
Hall's theory on gold is not necessarily that the price of the precious metal will go up, but that Australian gold miners are cheap mainly because investors don't understand the technical complexity involved in gold exploration.
Resources too compelling to ignore
He's never even looked at, let alone invested in the resources sector in his entire career, but the segment is too compelling to ignore following the commodities sell-off and sharemarket rout, he says.
"Resources is the most unpopular area, that's why I'm interested in it. I like the hated. Base resource companies are the hated – brokers have stopped covering it, institutional investors are not there … I'm always looking for stocks that are going to go up by a big factor. I'm not interested in the middle ground," he said.
AQQ Price at posting:
3.1¢ Sentiment: Buy Disclosure: Held
