Elk Elektronik KOLOR with Vermona Perfourmer

 

My 5U sequencer setup

 Currently I have five sequencers in my large format 5U setup

1. Moog 960

2. Two q960 synthesizer dot com  sequencers

3. Klee

4. MFOS sequencer.

The MFOS is difficult to clock without a mod.

These modifications often involve using a simple op-amp circuit (like a TL072) and a CD40106 inverter to boost and shape the incoming clock signal.

In some cases two CD40106 hex inverters connected in series may be necessary in order to give the gates and triggers being fed to the MFOS gear CMOS characteristics.

The op-amp acts as a buffer and gain stage to amplify the incoming clock signal. The CD40106 then inverts the signal and shapes it into a clean square wave that the sequencer can understand.

Till I get around to doing this I've found that the output of the MFOS sequencer drives the others quite well. Here is the basic patch.

Gentle and Sweet espresso profile - good for light roast beans

The Gentle and Sweet espresso profile, commonly used with machines like the Decent Espresso DE1, 

is characterized by a lower maximum pressure (around 6 bars) compared to the standard profile (around 9 bars), resulting in a sweeter and less acidic taste. 

This profile is known for producing a smooth, low-acidity shot that works well both on its own and with milk. 

Here's a more detailed explanation:

18g in, 33 out.

Total time : 20 secs .... quick !!

There is no long pre-infusion.

You don't need a fine espresso grind.... you can go coarser than your usual espresso grind.

Use a large flat burr grinder if possible  with a burr that produces less fines. 

Clarity is the name of the game here.

(This is the opposite situation to dark roasts which like more fines). 

If the grinder you use has a variable speed use the slowest speed possible.

Lower Pressure - this is the key:

The Gentle and Sweet profile utilizes a lower maximum pressure (6 bars) than standard espresso profiles (8-9 bars). 

Make sure the pressure doesn't drop below 6 bar since this minimum level is needed to create crema.

Lower pressure = less chance of channeling.

This lower pressure also contributes to a sweeter and less acidic espresso. 

Like the default profile, it is versatile and can be used with various coffee beans and roasts but is good for light roasts esp. Light roasted coffees resist channeling less well.

(as a side note, I sometimes use a lower pressure in my lever machines to reduce channeling. This contributes to sweetness).

Smoothness:

The lower pressure and slower extraction can lead to a smoother mouthfeel and a more balanced flavor profile. 

Pre-infusion:

It sometimes involves a short pre-infusion phase at a lower pressure, which can help with even saturation and extraction. 

Ideal for Beginners:

It can be a good starting point for those new to espresso or for dialing in new beans, as it's more forgiving and easier to work with. 

Milk Drinks:

The Gentle and Sweet profile is particularly well-suited for milk-based drinks like lattes and cappuccinos due to its balanced and mellow flavor. 

PL8

 PL8 Plato

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Over the last 5 years, ASX:PL8 (Plato Income Maximiser Limited) has delivered solid performance, achieving an estimated 5-year total return of ~44.18% alongside dependable, fully-franked monthly dividends. The fund’s strong financial health is characterized by high profitability, zero long-term debt, and reliable earnings growth. [1, 2, 3]

Financial Highlights

Profit & Revenue: The fund has shown consistent profitability, with a profit margin of 77.20% and trailing twelve-month (TTM) profits typically hovering around $72M to $83M. [1, 2]
Earnings Growth: Earnings per share (EPS) have grown by an impressive ~85% over the last 5 years, averaging around 22% annualized growth. [1]
Debt: PL8 operates with virtually zero long-term debt to equity, making its balance sheet highly secure. [1, 3]
Return on Equity (ROE): The TTM Return on Equity is a solid 8.52%, with Return on Assets sitting at 6.31%. [1]
Dividend: The Listed Investment Company (LIC) targets regular monthly income, boasting an annualized yield over 4.5% (with franking credits pushing realized yields higher historically). [1, 2]

Total Return and Growth

PL8’s 5-year capital growth and total returns have historically outperformed the broader S&P/ASX 200 Index. Its focus on dividend optimization has made it a preferred choice for investors targeting consistent cash flow

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Plato Income Maximiser Limited (ASX: PL8) has a current trailing Price-to-Earnings (P/E) ratio of 14.60. Because PL8 is a Listed Investment Company (LIC) that was only listed on the ASX in May 2017, a full 10-year standalone corporate history does not exist yet. [1, 2, 3]

Historical P/E metrics for this stock generally cycle between 11.0 and 15.0, aligning tightly with broader Australian financial sector averages. [1, 2]

Historical P/E Ratio Breakdown

As an income-focused LIC, PL8's reported earnings and resulting statutory P/E ratios fluctuate based on the underlying dividends, distributions, and realized capital gains of its portfolio rather than typical corporate revenue. [1, 2]

Financial Year	P/E Ratio	Key Driver / Context
FY2026 (Current Trailing)	14.60	Stabilized around the industry asset management average.
FY2025	12.41	Driven by an increase in Net Profit After Tax (NPAT) to $83.58M.
FY2024	12.76	Earnings adjusted EPS landed at 9.48 cents against a $1.21 share price.
FY2021 – FY2023	11.50 – 13.80	Market rebound post-pandemic normalized earnings and distribution streams.
FY2020	Unreliable / Volatile	Market disruptions altered regular bank and resource company dividend payouts.
FY2018 – FY2019	13.50 – 14.50	Early years post-inception, tracking standard financial sector valuation baselines.
Pre-2017	N/A	Company was not yet incorporated or publicly listed.

Interactive chart showcasing the recent market pricing and fundamental stats for Plato Income Maximiser Limited (ASX: PL8).

Evaluation Nuances for PL8

When evaluating PL8, experienced investors typically look past standard corporate accounting metrics like the statutory P/E ratio for two reasons:

Net Tangible Assets (NTA) is Superior: Because PL8 is a portfolio of other companies, the Price-to-NTA ratio provides a far more accurate metric for value. If the share price ($1.41) trades significantly higher than its pre-tax NTA ($1.14), the stock is trading at a premium. [1, 2, 3]
Dividend-Driven Strategy: PL8 is managed to generate franked monthly dividends. The underlying "earnings" inside a standard P/E calculation can change dramatically year-on-year based on when portfolio positions are trimmed or added, causing artificial swings in the statutory P/E calculation. [1]

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ARGO vs PL8 - Buffett style

Argo Investments (ASX:ARG) and Plato Income Maximiser (ASX:PL8) are fundamentally different styles of Listed Investment Companies (LICs). [1, 2]

A "Buffett-style" evaluation prioritizes business simplicity, long-term capital compounding, low structural costs, and sustainable dividend tracking based on intrinsic earnings. [1, 2, 3]

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Core Comparison

Metric	Argo Investments (ASX:ARG)	Plato Income Maximiser (ASX:PL8)
P/E Ratio	~27.1x	~24.5x
Gross Dividend Yield	~5.9% – 6.0% (fully franked)	~6.7% (annualized distribution)
Distribution Frequency	Moving to quarterly (previously half-yearly)	Monthly
10-Year Growth Tracking	~26.6% capital growth over last 10 years	N/A (Inception date: April 2017)
Management Costs	0.14% (Internally managed)	0.80% (Externally managed)

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Deep Dive Analysis

1. Long-Term Growth (10-Year)

ARG: Operates since 1946 with a clear focus on buy-and-hold capital growth alongside reliable income. Over a trailing 10-year scale, it has delivered reliable upward capital compounding (~26.5% base price appreciation), closely tracking the top-tier ASX indexes. [1, 2, 3]
PL8: Does not possess a 10-year track record on the ASX, having launched in 2017. Its mandate prioritizes manufacturing maximum current yield, meaning it distributes most structural gains rather than retaining them for long-term compound growth. [1, 2, 3, 4]

2. Valuation (P/E Ratio)

Both entities feature high headline P/E configurations (~24x to ~27x) compared to standard operating corporations. [1, 2, 3]
From a Buffett perspective, looking at an investment company's P/E can be deceptive. It is far more critical to analyze whether the share price trades at a premium or discount to Net Tangible Assets (NTA). ARG historically trades very close to its underlying asset valuation, whereas PL8 routinely trades at a premium due to high retail demand for its monthly income distribution. [1, 2, 3]

3. Dividend & Dividend Growth

ARG: Focuses on dividend sustainability. It recorded its highest payout of 38.5 cents per share for FY26 and has grown its dividend by an average of 2.7% per year over the last decade. It boasts an 80-year streak of continuous payments, using a massive structural profit reserve to maintain steady dividend payout levels even during economic downturns.
PL8: Tailored for pension-phase investors requiring immediate cash flow, distributing dividends monthly. While its gross distribution yield (~6.7%) is superior to ARG's, its structural payouts are highly reliant on rapid portfolio turnover and active dividend harvesting. Long-term dividend growth is limited because the capital baseline is continually drained to sustain monthly cash generation. [1, 2, 3, 4, 5, 6, 7]

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The "Buffett-Style" Verdict

Warren Buffett favors Argo Investments (ASX:ARG) for several distinct structural reasons: [1]

Ultra-Low Operational Drag: ARG is internally managed with an incredibly lean Management Expense Ratio (MER) of 0.14%. PL8 charges an external fee of 0.80%. Over multiple decades, that 0.66% annual difference severely erodes compound returns.
Low Portfolio Turnover: Buffett champions a "buy-and-hold forever" strategy. ARG mirrors this by holding underlying blue chips long-term. PL8 practices high turnover to actively trade in and out of dividend ex-dates, which can generate heavy underlying capital gains tax friction for individuals in high tax brackets.
Retained Capital Compounding: ARG balances regular dividend distribution with asset preservation to build long-term generation capacity. PL8 prioritizes maximum current payout over core capital building, functioning purely as an income utility rather than an intrinsic wealth compounder. [1, 2, 3, 4, 5, 6, 7, 8]

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