Ann: Half-Year 2018 Results and Briefing Pack, page-53

Agreed.

Hold onto the cash rather than pissing it up the wall on special dividend repayments. Commodity prices are volatile as hell. And given the backdrop of a trade war and the fact structural finance and massive debt around the world has *not* fixed itself.

Honestly we could easily be seeing a black swan recession around the corner any old time. The POO currently doesn't have enough foundation to be reliable over the long term in my view.

US economy is going great for now. But many risks as outlined above.

Hold the cash.