Ann: Change in substantial holding, page-21

"Has your rationale changed much, since June/July, or still pretty much the same?"

Hard to dimension in the most articulate of terms (which, in and of itself, might be a cautionary message of sorts), but I feel that while there is less upside than I initially expected, the risks I perceive to now be lower given the gap between NTA and Market Value.

I guess I could say my thinking has changed from High Return-High Risk, to Modest Return-Modest Risk.

Which makes it a low-conviction investment, both ways.