This says it all Dominic....Although management fees at 1.5% p.a. and performance fees of 15% with no hurdle are high in today’s market). I don’t know any manager that charges 15% fees for beating zero benchmark. It seems to me the performance shares are just a hook for investors. Buyer be aware.

On Opportunities and risks in the evolving LIC/LIT market -

Great article Damon! Refreshing to see a unique take on Afterpay and its competitive positioning.

On Afterpay - Is Visa a Risk? -

Hi Sean, thanks for your piece however do you mind clarifying the series coloured in red. Both red and grey series appear to be correlation series??? Also, using the unhedged global equity index returns will cause correlation to be higher anyway???

On A tipping point for the Aussie dollar? -