Re: Rocar. Thanks Clive. All that makes sense except that (as I'm sure you know) ROCAR is defined as Return On Capital At Risk. I don't think that cash is risky. Given that, I do see where you're coming from. After all, investment success (or not) is determined by total return. I suppose that is why when I report on GIEW's results, I always measure it in terms of change in total value. August results in next post.