Ann: Change in substantial holding from FOR, page-25

As a matter of interest, below is a table that calculates what FOR paid for TGA recently. Not that it implies anything relevant to the future, because we do not know when FOR will decide it has bet enough on TGA. I would think it may have now reached that point pursuant to a formula that limits money invested in individual stocks to a certain percentage of funds under management.

FOR's style of investing has an element of punt in it based on FOR's perceived probability assessments – it aims to win more than it loses. Charles Munger mentioned that this was a viable investment approach for some people – see https://acquirersmultiple.com/2017/...-odds-squarely-in-their-favor-charles-munger/. Jesus wannabes would have a contrary viewpoint on this matter.

21/06/18 ... 136373 .... 225000 ... 0.6061
20/06/18 ... 122940 .... 200000 ... 0.6147
19/06/18 ... 113071 .... 182255 ... 0.6204
18/06/18 ..... 19907 ...... 31979 ... 0.6225
06/06/18 ..... 22200....... 35766 ... 0.6207
04/06/18 ... 164492 .... 270280 ... 0.6086
31/05/18 ..... 65492 .... 109720 ... 0.5969
30/05/18 ..... 51401 ...... 86257 ... 0.5959
29/05/18 ..... 20310 ...... 33743 ... 0.6019
21/05/18 ..... 15932 ...... 25906 ... 0.6150
18/05/18 ..... 51718 ...... 84094 ... 0.6150
17/05/18 ..... 30750 ...... 50000 ... 0.6150
15/05/18 ... 387375 .... 625000 ... 0.6198
14/05/18 ..... 67375 .... 110000 ... 0.6125
... Total .. 1269336 .. 2070000 ... 0.6132