SCG can continue to creep. Or not. I'm ambivalent. I'm quite...

SCG can continue to creep.
Or not.

I'm ambivalent.

I'm quite comfortable being a minority investor; my family is a minority investor in privately-owned companies and also in a few listed companies whose stock is so illiquid that we will, for all practical intents, only be able to fully liquidate our interests in the event of an extraneous event such as compulsory takeover or off-market share buyback (the latter which never happens in small, illiquid companies, anyway, so we are stuck. It tends to focus the mind when making the investment to begin with).

Of course, the one caveat to investing in businesses whose share trades are highly illiquid is that there has to be full and absolute trust in the people who have control.

And in the case of the Carindale Trust, the responsible entity is Scentre Management, directly associated with the $10bn Australian leg of the Westfield empire.

Highly visible management and no slouches in terms of governance and adherence to fiduciary duties.

So when it comes to risks to my capital invested in CDP, I can think of other far more relevant ones; for example, The Manager electing to normalise the management fee (as it is entitled to do).

.