Ann: Investor Update Webinar Invitation, page-18

Peejay, it was WAM that I was referring to as having a lot of holdings which are well spread, etc. I certainly wouldn't argue the same for NSC, and I haven't. I'm not making a case for anyone to buy or even to like NSC, I'm just saying that I don't mind owning a small quantity of it because it's paying off okay for me. As I said, it comprises just 2% of my portfolio so it's no big deal -- and it gives me money every 3 months. WAM, however, will happily comprise up to 20% of my holding, based on its long positive track record and the canniness of its managers. I certainly wouldn't buy any more NSC, though.