And herein lies the kicker:If TOP underperforms in any single...

And herein lies the kicker:

If TOP underperforms in any single year, that underperformance is written off after one year with regards to performance fees. But for the retail investor, they still have 100% of the impact of any negative year of performance, yet in a future year of positive performance the retail investors benefit is 'clipped' by the performance fee.

So its basically:
Heads (positive): my return is clipped by the management performance fee.
Tails (negative): I am fully impacted by the loss.

The market as a whole is aware of this. More importantly since listing TOP has only managed to achieve a $100m micro status.

And further is things are so good, and TOP is such incredible value why has the MAJOR shareholder and insider Waislitz hardly increased his shareholdings????

Because Waislitz is collecting on the management fees???

TOP needs to stop treating its long term shareholders as schmucks, otherwise the real 'schmuck' is top management who have their own capital tied in this venture.