Salvation on its way finally!, page-21

if you are just after an income stream, why didn’t you buy CBA ? If you are after capital appreciation, buy CSL. ALF ??? neither one nor the other....
Dont forget that some of those “dividends” were return of capital because they couldn’t make the capital work for them. good dividends ? What ? You are quoting 16 years of history... I suggest you pull out your longer term charts and look at the total return, NOT NTA. As I have stated many times, NTA is irrelevant unless the SP meets the NTA and that generally occurs because investors have confidence in the manager. THATs why ALF always trails the NTA because they do t believe that the manager can produce the goods ! And in this case, the customer was 99% correct !