I was just looking at some longterm trends of the Australian Stock Market(as you do over your morning coffee ) and over the last fifteen years you'd definitely have to say we were now in an 'above trend period'. (Tropo can probably give exact figures, I just stuck a ruler against a graph on the screen and thought the market should be about 4800 instead of about 5300 ). While this may be justified by a strong economy and reasonable forward PER's etc, since March 2003 the Market has gone up 90-odd percent and if you were of the view that items generally return to the mean.......weellll. This then got me thinking about the relative outperformance/underperformance of the NavraInvest Funds recently. Yes the general philosophy is to Sell when going up and Buy when going down, but relative to what? Would you adopt exactly the same degree of trading in a rouring Bull Market as the depths of a Bear Market or indeed in a 'average' Market? Probably not. Therefore, again hypothesising, I would think the further you got away from longterm trend lines the less 'dramatic' would be the size of your Buy/Sells and perhaps you would expect lower relative performance in these periods. Were the Market to correct by 500 points tomorrow, it may well then be seen as prudent to have not been going for the big trading positions of late? I take Gazza's point about the relative lack of Performance Fees of late and I don't view it as some type of isolated criticism. I would be surprised if it wasn't a disappointment to the Company as well. Perhaps the above ponderings are a reason for the lack of relative outperformance though and what responses will be required will really be a time game to see what happens to the market in the short to medium term. Enough waffling.....coffee is finished and I managed to forget for a few minutes I have to go to the dentist today.