Chart, page-4385

It's not wise to put your trust in others. Better to put your faith in discovering where their incentives lie and then see if they can be aligned with your own. But where do management incentives lie? They do change over time. In the case of SFI (I believe Jo007 was referring to them), obviously management's incentive no longer aligned with shareholders. This is not uncommon. ACX did a similar thing recently.

There is something afoot here at FLC, but whether it will fall favourably for us still remains to be seen.

I remember reading an article, maybe 3~4 years ago, where a few stateside hedgefund managers were discussing "opportunities" downunder. You could almost hear them chortling with glee. The SEC may have scourged the pirates from the Barbary coast, but not to worry, the east coast of Australia has a lot to offer.