Owen Rascovich

Yeah, that's a good point.

Do you own any licks?

Okay.

Yeah, no, I don't.

So one of the issues that you may find is that all the best licks traded a premium.

Yeah.

So you've got to be prepared to pay more.

Yeah, so it's very hard to get your hands on some of them.

And generally, the better licks are keeping the market informed regularly, so it's harder to take advantage of any momentary falls.

But one of the points that people would like to make also is that you should only ever buy licks at a discount.

I mean, you should only ever buy them for less than the value of the assets inside the lick.

And the reason that they make that point is that there's fees.

There's a friction with fees.

So you have, you know, 1% fee plus a performance fee.

You should be paying less than what the price is on market because you could just go out and buy them yourselves.

So, I mean, I don't really buy into that.

I think, pardon the pun, I think if you are a truly, truly long-term investor, you can afford to pay a little bit more than the NTA or the net asset value.

But obviously you want to be realistic with that.

One thing you mentioned going to the website.

Another thing I do while you're on the website is just look at performance and also pay attention to how they report performance.