Hi, I've been listening to the Cocktail Party audio with great interest (thanks to the combined effort of Steve, Sim and Nigel!). What I don't get is Steve said if people were managing their margin loans correctly they would have been using the first 10% of the Navra distribution to cover their interest costs and then re-investing the extra 5% to lower the LVR. Doesn't this defeat the purpose of being in the Navra fund by using the distributions to cover the holding costs of negatively geared property, (which is what the fund is designed for)? With margin lending rates up near 10% p.a, once you have covered the interest cost on the margin loan you'd be re-investing the balance and have nothing left over to fund the cash short-fall on your other investments. Also, Steve is recommending that his clients switch their margin loans to instalment warrants but to do this you need to reduce your LVR to 55%. With the recent market drops I'm curious how many people have high LVR's on their margin loans (65-75% range), and if so do you have other funds available that you plan on using to lower your LVR. If not, are you going to take Steve's advice and make a loss now by selling some of your Navra units to avoid a potentially larger loss if/when you get a margin call?