(Apologies partial duplicate...timed out for edit)If you are...

(Apologies partial duplicate...timed out for edit)

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 doNt believe that the manager can produce the goods ! And in this case, the customer was 99% correct !I certainly dont live in the past and recognise a bad investment when I see one. I was an investor in ALF BEFORE JB took over and when it was well run. It has only been since muddle headed JB took over the reins as CIO, that things have gone pear shaped. If you really believe that ALF is well run and churns out a fantastic dividend stream, go for it..... but I think the number of investors putting their hands up for the 20% at NTA will be an indication of their confidence in management.Sometimes the only thing that man learns from history, is that man doesn’t learn from history.JB is one such man. and it remains to be seen how many others still have confidence in someone that over a course of 7 years, hasn’t learnt from history. I know one thing, that JB is pulling more out of ALF than you or I, for doing absolutely stuff all regarding increasing our wealth. I for one, intend to move on as soon as practicable.