Ann: Quarterly Cashflow Report, page-71

Just sayinghello (just signed up), a small shareholder from Slovenia. Been following WAF discussions sincea few months before my first buy and would like to thank all for yourcontributions, help much appreciated. Firstbought into WAF on December 2018 and topped up in April this year (a bit lucky withthe timing) and I do not think I will sell for quite a while. Namely, takinginto account cash printing frenzy, interest rate environment, most asset prices(equity, bonds) sky high, deteriorating economic fundamentals, political risksetc., I somehow feel that gold is not a bad option to be invested in. What elsewill one put his/hers money into, large institutional investors included??? Consequently,I suspect that in the next few years, there is a good chance (in my humbleopinion only) that prices of assets offering “respectable” yields might experienceappreciation of their prices taking them into places high enough tomake our current target prices / expectations look very conservative. But, I have also been wrong many times

Thanksagain for your help and regards,

Luka

P.S. My sentiment is "Hold" because WAF already represents larger than healthy portion of my portfolio.