Everyone keeps asking "when are they going to use their money to buy good businesses at low values?" For one its not correct to say that the only thing they own is BTI - its tracking slowly down and is about 84% - they have spent and are committed since listing to EU1044M in investment. Secondly, the majority of their investments - apart from the EU 100M or so headed for CHINA( DESTINATION UNKNOWN) is very hedge fundish in style and positioning.( Its easy to see where the diamond tailings fit in.The correlation between investments currently held must be VERY LOW - low risk. So this is clearly setting a course for the present to become a "public( as opposed to private) equity offering" OR to describe it differently ( not used in good company) "a fund of funds"? I can't really think of a parity situation? Key things will be - what is the cost of investing - longer term. RUPERT and Co know that high management costs kill returns and to make this fly you have to offer real returns - G7 inflation + 3-5% ?? Other views?