Please Explain, page-44

I hear you all and agree with much that has been written. Over the last 6 months or so I have been sucked deeper and deeper into the stock, principally as a price/NTA play, but have a pretty low average price with a fair amount of free carry.

So far my strategy has totally failed for all the reasons we know, yet the gap between SP and NTA continues to widen. This is just one of those times when we all need to talk a deep breath and look away until the picture is better. I can give no assurances of anything other than there will be considerable and mounting pressure on the stock pickers to reframe their reference points or get out.

That said, the stock always seems to need 18 months to recover favour with the market, so tht is the broad timeline I am pitching at.

GLTA