louise, page-18

Raz, challenge today is that there is low hanging fruit everywhere, for me I picked one stock and watched it like a hawk, built my models and tried to understand the O&G cycles, I don't really care about our sp, for me sp is a guide to entry/exit and the value here is in the understanding and how to apply the same logic to benchmark and find other good ones. Imo GGE results compare favourably to any peer and the cycle will turn and one day O&G will be the go. Those that understand the cycle will do okay in the mid to longer term - Lets say it's a work in process for when I retire, I knew nothing 3 years ago and now know enough to know I still don't know much and I stuffed up big time a few weeks ago deviating from my plan, can't win them all but we never stop learning.

Ultimately I think we have been in the wrong sector at the wrong time and the real question is whether that will change and how will mgt differentiate itself from the peers to attract new investors. If they can't or don't do that the money will continue to flow elsewhere despite any profit or good intentions.

Cheers