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Argo 1 year chart, bit of a run up into the divvy. Sadly or happily no 450% gain.

For all the Thornhill heads.. from the other day http://www.switzer.com.au/video/peter-thornhill-20150601/

On the subject of WAM if you are interested I strongly recommend former WAM right hand man Matthew Kidman's book bulls, bears and a croupier.

Ok will chime in, I would personally prefer something without an outperformance fee (I think WAM is 20% outperformance on top of the 1%) Also don't take any small cap LIC dividend as a certainty they are giving you back capital gains so keep that in mind, more so if the market tanks. Have...

Video on this very subject of ETFs and LICs. http://www.switzer.com.au/video/20150428paul-rickard/

If you applied the same 'earnings' scrutiny to your sacrosanct ETF you would be even more disappointed. By all means continue on with your confirmation bias for all to see. I see Warren Buffett still has all his money invested in BRK what is essentially an LIC. It seems he doesn't practise...

Too much time on his hands with his set and forget investments :cool:

Oracle this is not the first time you have busted in pointing to LICs claiming the emperor has no clothes because it doesn't wash with the altar of John Jack Bogle. You are entitled to your opinion even when the facts politely shown point otherwise. One thing I think we all agree on is...

You know whats funny your ETF would have a similar PE if it were a company not a trust, actually your ETF would have a higher PE because it contains non investment grade companies. Since the penny didn't drop I will tell you something shocking PE is irrelevant with an LIC (or an ETF)because...

I will try and make this as simple as possible if an LIC has only one share lets say CBA pe of 16 yields 5% and doesn't realize any gains losses through the year ok? The pe of the lic will show as 20 even though the underlying holding is on a pe of16. Have a think about why.

Good point also if you look at the the SP500 it is a diverse and different beast to XJO. Our top 10 stocks are over 50% of the index where as the US market the top ten is about 15%.

JohnMichael I would argue 'Key man' risk is an issue the further you get away from vanilla investments.

AFI VS XJO since 1990 AFI Wins

Oh and AFI performance is after costs XJO is not. Going back further is a lot tricky because before the imputation system bonus shares were issued. I have said it before and will say it again most large LIC will outperform long term due to being underweight REITS, cyclicals and tend not to...