Hey @mrriesq , If I told you that returns from the previous 5...

Hey @mrriesq , If I told you that returns from the previous 5 years would be replicated in the next 5 years, you might not think it great value.One never knows the future I suppose but what is the catalyst for growth and discount reduction? VG1 provides a target guidance of 10-15%pa through the cycle. We have been through a cycle or two over the last few years and we investors have never seen any such return. At least I am fortunate enough to have a positive return of a measly 6% grossed up in 5 years. There have been such obvious gaffs and even Rob admitted he was too slow after the covid slump to deploy cash. I remember a time when I called up Ingrid begging her to ask the managers to sell Pinterest for $80 and was told they see good value at that price. It's not all bad, many of the businesses they hold have decent pricing power and a lions share of the markets they operate in. If inflation is here to stay, those businesses will do okay as long as you hold for a very long time. The shorts I am less confident since we lost our short master investor - so long ago I forgot his name.