Ann: Investor Presentation, page-2

I remember looking seriously at HSN in early 2013, sucking my thumb, and doing nothing about it because even though i liked most aspects of the business (high structural industry growth rates, captive and diverse customer base, strong recurring revenue streams, high returns on capital, and appropriate management/shareholder alignment), i thought it was slightly too expensive. Suffice to say that watching HSN since has caused me considerable pain and jealousy - it is probably the worst "error of omission" i've made in the last 5 years.

Luckily, my HSN experience led me to GTK in early 2016 - Intelligent Investor put out a positive research note on GTK that alerted me to GTK's very similar dynamics, and within two hours of becoming aware of GTK's existence i was a shareholder.

While today's valuation is nowhere near as attractive as it was when i bought GTK nearly two years ago - and is probably even expensive - the business is absolutely humming and clearly outperforming even the most aggressive scenario i could have thought up two years ago. They seem to be in the goldilocks zone of high organic growth while also enjoying the fruits of sensible and well-executed acquisitions.

There's also probably a lesson in there for me - nearly two years of ownership and zero posts on HC suggests there's a strong inverse relationship between the amount i have to say about a stock i own, and its likely prospective performance.