Hi Wulf,
Personally I think you would be better served investing with an active fund manager
Most of the LICs that I have looked at have a lot of average stocks in their portfolios
A good active fund manager only has high quality stocks with good long-term prospects
They also have the ability to hold cash while waiting for opportunities
I would recommend you google up a list of fund managers & compare their recent performance history
One of these managers that is in the media quite often is Roger Montgomery
He has a fund for retail investors starting at $25,000.00
Roger has his own website that you can peruse, see link below
http://rogermontgomery.com/
Cheers Omega
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