Ann: Preliminary Final Report, page-2

''Silver Chef'' operation had an exceptionally poor year in ''2018'' but it nevertheless has the distribution, the underwriting skills, ''the system'', the culture and the financial clout.

I rephrased Buffett's words in his letter about General Re in 2000 when General Re performed poorly.

SIV's 2018 surely caught me unexpected and proved my flawed analysis. But the first paragraph does very well summarise what I think.

Right now it seems that the lenders are supportive and provisions are sufficiently conservative. With PB at 0.82 and me bunrt so hard, I don't think it's a bad decision to stay with current CEO's one brand one focus plan, to see how it will pan out.

Some other respected forum members blame the young CEO and want English to come back. I don't blame them. But I have a different point of view.

I think it is the current CEO taking the heat created by English who supervised GoGetta all these years. The Company could be knowing GoGetta's problems for a while and the decision English stepped down 2 years ago was to let fresh blood fix the problem but nobody could foresee how severe and costly it could be, including one of the directors bought a fair amount at $7 or sth.

The Board would continue to support CEO down the road as I guess and if we can come out from all these issues clean and put them behine in 2019 and refocus on Hospitality's one brand strategy, I think it worths a lot more than today's market cap, maybe triple it.