Ann: Preliminary Full Year Results, page-44

Yes I agree. I am always reminded of Warren Buffett's quote, you know "be greedy when others are fearful etc etc". I have experienced both the great times with a few companies and an absolute disaster with one stock, and I mean disaster, like zero value. Very expensive. I am hoping that I continue to learn from both cases and try to repeat the good ones and not the bad !! However I have found that in this market you (me) do have to be patient. For instance I first bought into CAJ back in 2013, went for the ride and then the fall. However, having been to a couple of their AGMs at the Moonee Ponds Bowling Club, met a few of the team etc I became a believer and thus now have five times the holding I started out with four years ago and wish I had ten times the holding. Argh, now I am using management's best tool, hindsight. JMT