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clock Created with Sketch. 12/10/18
12:03
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Originally posted by peejay2
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U probably r 2 smart 4 me, but I have been an unfortunate passenger with Justin now for some time. The problem with ALF as you say has not only been stock selection (erring both on the upside and downside) but also the weighting of shorts and longs.... when they are in almost equal proportions, you r essentially fence sitting and the results are easy to predict and achieve. The only winner here has been the manager picking up his fees ! Many investors I would think have come and gone, erroneously believing that sooner or later the discount to NTA would close, but alas Justin has failed to achieve (almost anything) and the gap remains. I have learnt not to buy on the discount to NTA having learnt that it exists for a reason and now prefer to buy on the strength and reputation of the manager. Yep, the SP can fluctuate and fall below what is reasonable, but if you have a good manager (like Michael Glennon of GC1) then the fund will resume its trajectory, hopefully upwards. I was in ALF when it was a long Australian stocks only and before they went short/ long with international stocks and pre Justin Braitling.
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Has there ever been a pre-Justin period at ALF? He's the founder of Watermark so presumably he also set up ALF.
