What's your point? That the rest of the market doesn't agree...

What's your point? That the rest of the market doesn't agree with me? The gross returns of the portfolios (excepting WMI) are all weak at present on a benchmark relative basis. As at 31 Aug, WAM is -6.3% under benchmark, WAX -5.5%, WAA -5.8%. Take into account fees, strip another 1% off that. You have a team that is materially reduced in aggregate experience compared to 12 months ago. While I have a great deal of respect for Geoff, he is not the portfolio manager of these vehicles. He does not make stockpicking call outside of the intermittent activist plays on other LICs, which tend to be long term propositions. Are you saying that having a team with an average experience at WAM of less than three years is not a cause for concern? When compared against fund manager peers across the industry, this is now looking like a very thinly resourced shop in terms of experience and tenure.

Personally, I hope they do well. But, the risks associated with these LICs just got a whole lot higher when viewed through a lens of the expertise that drives the portfolio returns.