Industry funds don’t use up to date valuations on their unlisted assets. This is effectively cheating on their performance reporting. It is not a like-with-like comparison.

With regards to performance reporting, there are good arguments that listed markets are far more volatile than fundamentals would justify. In fact, farrelly’s whole philosophy is based on the premise that markets go to irrational extremes from time to time. This implies that prices are sometimes much higher than they should be and sometimes much lower. Following this idea through to its l...