Ann: Appendix 3Y - Dr John Cullity, page-131

I recently upped our RAC holding by 15%, and (after the house) they consitute the largest part of our family wealth. We are currently in the process of renovating, and may well sell down these additional shares as funding requires.

My point is that I'd rather store money in RAC than in the bank. When we need money I will sell some RAC, and this does not remotely make me 'disloyal'. On the contrary, it reflects my huge confidence in RAD's assets, management, and prospects.

fwiw, Warren Buffet has apparently never bought a new car - the numbers don't stack up - and whether the story's true or not, it, resonates with his well-known frugal lifestyle. Even with his vast wealth, it's hard to imagine WB keeping $1M in a near-zero interest bank account. JC may well, for all we know, have a large part of his fungible wealth in RAC, and it's perfectly acceptable for him to sell some when he needs cash.