Ann: November Trading Update, page-41

"Regardless, 12 months ago I would have allocated maybe ~10-20% of the portfolio but I'm still in a conservative posture after the scarring from 2020."

"Scarred".
That's funny.

Question:

At what point, in the following range of excess investment returns above a benchmark index of, say, the Small Ordinaries Index, do you think the average investor would feel "scarred"?

A. Minus 20%
B. Minus 10%
C. Zero
D. Plus 10%
E. Plus 25.1%

.