Owen Rascovich

Yeah, absolutely.

And it could be selling at the worst possible time, like you said, selling really cheap shares or buying really expensive shares.

So, yeah, that is... Yeah, so in a former life when I was a funds researcher, we would see that.

So we would still see companies or funds, managed funds from the GFC that were still frozen like five years later because whatever was inside the portfolio couldn't be sold.

Yeah.

So that stuff happens.

And with licks, I guess you don't have that's not as big of a risk.

Yeah.

One of the things that people that invest in LICs will point to as an added benefit is that if the LIC is terrible, then you can have a vote, I guess, to dissolve the company.

And then say, going back to the example earlier on, if you've got 60 cents in the dollar, so the assets inside the LIC are worth a dollar, but it's only trading at 60 cents.

If you get a good enough investor or a big enough investor to convince everyone else to vote against the company and dissolve it,

What you can do is you can actually crystallize the value of the investments inside.

So what I mean by that is you buy it for 60 cents, then you petition all the other shareholders, the company gets closed down, and then you get given your dollar's worth of assets.

So it kind of puts a flaw on the worst case scenario.

But once again, the value of the assets inside the portfolio can bounce all over the place.

So you've got to hope and expect that the value of a dollar is going to stay a dollar.

Yeah.

So we've labored on these points for a bit too long, but just a couple of things to tidy up.

How do you buy them?

How do you buy licks?