The detailed question was:
By chance I was rereading your book, Building Wealth in the Stock Market, over the weekend and noted that at page 124 of the January 2010 edition you state that you do not invest in LICs because they are doing what you do yourself. I checked your portfolio disclosure to be sure I was not mistaken [Milton and Australian Foundation Investment Company have been there, though now sold]. I am not seeking investment advice per se about these companies but was wondering why you have revised your views on investing in LICs.
I do make changes, additions and improvements to my investment plan all the time. I have been investing for over 50 years and I never stop leaning and improving things. This was why I created the members website – so readers of Building Wealth in the Stock Market could grow along with me, by following my specific investments through the stock investment journals and other documents that explain my analysis and thinking. I have found that this teaching through real examples is a very powerful way to teach investing skills and the way I think in executing my investment plan.
Mostly the changes to my investment plan are minor and members pick them up by following my thinking in the many different documents on the members website. However I have made two more major changes/additions and these are very fully explained on the members website. One concerned stops and Listed Investment Companies was the other.
When I added the two very specific strategies for using Listed Investment Companies to my investment plan, I published the basic idea behind one of the strategies on the members website over a year ago in a Stock Investment Journal. This was a stop-gap while I completed and wrote up a major study that took 39 pages to report and is now available to members on the Investment Plan Changes page on the Building Wealth Resources menu. This was quite a while in gestation and there turned out to be two months of intensive work to bring it to fruition. It was published on 28 August and notified to members in a What’s New email.
If you only have my book, you only have my teaching frozen at the time it was written. To keep your knowledge up to date please consider becoming a member of my website. The cost is only $60 per year and there is a one-off offer of a free copy of my latest book Think Like the Great Investors (RRP $50), which builds on Building Wealth in the Stock Market in the all-important area of decision-making. So, since you already have Building Wealth in the Stock Market it will cost you only $10 to read many years of work on the members website.