Hi,Pauley.I agree with your comments re 'cash to play the...

Hi,Pauley.I agree with your comments re 'cash to play the cyclicals.' However, as regards TSI.

I look at TSI as a mid to longterm portfolio investment, with an excellent rate of dividend yield., but,that does not preclude trading TSI to take advantage of market sentiment, as and when you judge it to be an opportune time...

As you are aware you have the opportunity to receive the dividend as either cash or shares..If you choose cash then that is fine.If you choose shares then you will receive the same monetary valuation, but in scrip, and at a 5%(?) discount to the 10 days previous,average market price.So, on paper, you are immediately ahead of those who took the cash, both monetarily, and if you are astute enough, tax wise..

In addition, as the next dividend date approaches there is usually an increase in share price as people repeat the game all over again..

However, TSE have previously indicated their intention to eventually dispose of their controlling interest in TSI, to fund their ongoing expansion plans..I think that for TSI, that would be a negative event,as,for my money, one of the major attractions of TSI is their close association with TSE,PLUS the fact that they are the only listed infrastructure fund that is NOT controlled by a mickey-mouse financial fund...

The above reflects my sentiments towards TSI as an investment, from a shareholders point of view..In the end, you must DYOR....