Charts, page-12

sometime people act in haste.....I don’t think the market is going to rise as quickly in the foreseeable future as it has in the last 6 months, ergo I don’t think the profits or capital appreciation of the holdings in the funds are going to increase at the same rate. It then stands to reason that the profits of the LICS are going to be less, or the process will sort the sheep from the lambs in terms of fund managers and their ability to cater for a diminished return.
It may well be that having managers like LSF will be an asset in the near future to assist in adding to returns and knowing exactly where to get the best bang for your buck.
Nothing ever goes up in a straight line !