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How to think
Howard Marks memos
Second level thinking
The most important thing
volatility is not risk
February 5, 2015
A big thank you to Anthony Macdonald for his introduction in the Australian Financial Review today (7 January 2015): “Kaizen looks to extend LIC listing spree into new year”.
Just a couple of points from our end…
Our LIC is to be run by Connor Grindlay and Simon Winfield, whose experience is set out in Section 6 of our Prospectus. Would we call them traders? Probably not.
Kaizen’s Recap Fund’s C.A.G.R for the past 3 years is:
NET OF ALL FEES which are 1.75% (management fee) and 20% (performance fee only after hitting a high water mark); and
LESS THAN those of the Kaizen LIC which are only 1.5% (management fee) and 20% (performance fee also after hitting a high water mark).
And to answer Anthony’s final question - why the NSX? Because we want our investors to pay the lowest possible IPO costs.
Until next time, invest in change.
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