FUMAA _ Boom !, page-11

Ivan, we both want to hold long term but you need to understand FID is not a no brainer. This is foremost a people business. If you believe this only needs an auto-pilot, look no further at HunterHall. I am always closely watching the compensation structure, expense ratio and how they allocate capital and advise you do so too, especially when the old generation is passing the baton to the young. I have read enough books to know how things can change in a succession.

The only unsolved problem for me still, is this business is too profitable. I looked at the fees they charge for the privilege to advise, administer and invest your money, and boy, they are outrageous. Maybe as a big shareholder I should not have said that, but I wonder why people do not attempt to do the same thing for far less. But again, I believe in people and this is one of the best managed asset management companies I have ever seen. There is also an element of luck in play in this business. Only time will tell.

Fan