17 vs 34

[partridge]

A quick calcuation shows that if you had held BTI over the 12 months ending the 18th your share price would have increased by some 34% vs the 17 or so % you saw in REI. I agree that the Ruperts are managing about 20% of the assets in REI and getting paid on 100% - but I am bored with the same old stuff being trotted out to this effect.) That aside, my question is would I have bought this share for the non-BTI bits if it had been so available? Answer "yes" - its a hedge fundalike structure - with zero correlation between the bits held it seems AND they appear to be buying cheaply into quality ( although the story behind Pension Insurance Corporation appears to be as exciting as watching paint dry...)Time for tea.

[SimonPB]

Sure, but the other bits are totally drowned by bti .. You could long rei an short bat to get the bits .. But even thatbhurtbatbbti outperformed