Warning to all investors - Fees, Fees and Poor Performance, page-6

Well to my mind now is a perfect time to be buying. 15% discount to NTA with , in my view, a good chance that things will continue upwards . I think you need to understand the type of shares these guys have invested in, shares that will take time to grow and capture the market's attention. Emeco holdings is a great example where they have doubled their initial outlay. Investing is never about a straight line upwards and it is important to have a plan and focus on implementing that plan. I do agree the fees are steep, but it is quite normal for these type of funds.

Even their unlisted fund is relatively new 5 years or so, and has returned 11% per annum after fees, a reasonable result I would have thought.

I take your point about early investors being down considerably but my point is that things seem to be picking up, hence 15% last 6 months. Anyway each to their own, for those brave enough I can see money to be made on this buying at the present discount. I have seen it many times where disgruntled investors bail out after a year or two, then things start to move. A recent example has been PGF, went down to mid 80's cents and has climbed to back to $1.27 in 18 months or so. It's sister LIC PAF is up 45% or so in less than 12 months after initially going backwards from the IPO.

Just a thought before I leave. Many so called experts will tell you "it's about time in the market, not timing the market". If you are a passive investor, holding an index hugging LIC for 40 years without ever trading, I agree to some point.

The problem I have with their rhetoric is that it can imply buying in at any time, that I totally disagree with. While I don't ever think you can buy right at the bottom and sell at the very top, consideration of when to buy something needs to be considered carefully. For me, now is the time to be buying MA1 not selling.

I wish you luck with your future investing.