We have all been burned - LSF, page-37

Yes, they played the market, retail investors, brokers... everyone perfectly.

It is exactly as you said... why deal with lower margins from wholesale and super funds... when there are mums and dads out there.

I am the first to admit, greed got the better of me with this fund. I saw the fantastic historical returns and wanted in on the action.

Unfortunately, I committed the cardinal sin by focusing on historical returns.

I, and it seems the rest of Australia, have had a gut full of LICs. Explains the recent withdrawal of a number of proposed listings.

The locked in nature of the fund, the perennial discount/premium saga, the extremely unattractive nature of participating in the float... when they invariably trade at a discount until the investment strategy is proven. I think fund managers will struggle, for at least a little while, trying to attract retail investors to them.

I feel for the people who invested significant amounts of money into this... yes, there is always a risk to investing. But to lost this amount of money in such a short time frame isn't befitting of "funds management", just recklessness.