Ann: Letter to Shareholders , page-9

molly marky and joewolf

ok i am sorry but the goves are off ( i did think i would refrain from commenting on the mailout ) - I have never seen so much dribble as i did in the last publication in the mail some time ago

I AM NOT INTERESTED IF SOL PATTS MADE MONEY IN THE GREAT DEPRESSION- the whole enterprise would be far different and royal Robert was not even born

- I AM HOWEVER INTERESTED HOW NHC AND SOL MANAGED TO SIT ON A BIG FAT WAD OF MONEY DURING THE GFC AND MISS ONE OF THE GREAT OPPORTUNITIES IN THE LAST 30 YEARS - since the 1987 crash i would say!

DESPITE HAVING BEEN BULLISH on sol patts and bkw, i did sell some after reading that waffle about how clever they were 80 years ago - i sold even MORE AFTER THE BOTCHUP THAT WAS THE SO CALLED SELLING OF NEW HOPE COAL!!

I still have a good holding but less than half of what i had -life is too short to have too much money tied up in Milners plaything!