Ann: Chairman's Address to Shareholders, page-8

I do hold KOV having bought recently. It's not a high conviction holding - as it is not a good business, and not something I want or enjoy owning - but I've been in and out of KOV successfully previously (past decade), and I'm hoping to repeat. A small bet only.

I'm fundamentally a LT holder of GARP/QARP stocks and don't generally dabble in weak businesses, or playing cycles. But I'm not finding much I really like, so I'm playing a little in some beaten up stuff, for which a tailwind may be developing. eg, KOV, CLX . The weaker businesses can produce outsize returns as their margins are more volatile. GLAH.