Ann: Quarterly Report Q2 December 2016, page-17

Thanks blacks. I'm trying to do improve my approach this year to move toward more concentrated investing in the top end companies and not speculating so much in the explorers/developers/turnarounds. Buying good companies at good prices. Simple to say but surprisingly difficult to do. Also trying to be more ruthless in analysing my current investments and making use of tied up capital.

SBM seemed like a perfect candidate given:

√ Irrational sell down not justified by company fundamentals or gold price
√ Good technical setup
√ Excellent quarterly results
√ Good cashflow
√ Well managed

The big end of town look for those last three qualities in particular. I try and buy earlier and just ride the wave.