Ann: Investor Presentation - Building a Global Business, page-8

It’s amazing how that Warren Buffet saying is so simple yet so true.

Everyone is fearful now with this cashflow conversion rubbish. Even long term holders. Fear is what drives irrational decisions. Many try to kid themselves and say “risk management” but I don’t buy it. It’s fear that’s taken a grip on many investors here.

Glad I held steady. My 3rd largest holding and its almost green now! Purchased my first 2 lots in the $30’s and doubled down TWICE when the whole VGI kerfuffle surfaced. What an opportunity that was. I went greedy when everyone was full of unfounded FEAR.

Have a full 6 lots of allocation now, a bit bigger portfolio allocation % than what I usually go for but I simply had to double down twice when opportunity came knocking.

At PE of 30 and a global business being built, lots of growth in the works, seems undervalued in this bullish environment. They’ve proven themselves year after year after profitable year. Auditors have stated several times that everything is legitimate. I’m a happy holder.