Ann: Change in substantial holding, page-23

I accept your points in relation to some of the blue-chips that have had it good for a long time and are now feeling considerable pain, but can you really extend that to a view that MSB is "recession-proof". How do you see a company like MSB possibly being more recession proof than a robust blue-chip company with a diverse business and plenty of scope to take some big hits and scale back where required? Do you mean they could not be worse off? I don't think you do. Of the many things a big investor might do in a recession, sinking scarce funds into MSB as opposed to finding a blue-chip business that has been oversold would be not high on the list.
Granted, if they had a list of high-profile products that were actually - here and now -producing the sort of revenue plenty of people here assume is just a stone's throw away, then I would see your point; but, put simply, they are not in that position. In my view, for MSB's sake, just hope there is no long recession around the corner