Ann: 2021 AGM Presentation, page-52

I agree totally about the whole market. Some have played this bull market to perfection. The sad thing is we don't all go up but we all come down. Fear being the common factor in all our lives so Greed looks for the hidden gem but fear trades everything - very often when fear takes over the only buyers are for the great companies - so you keep the average ones and sell your best to put cash on the side-lines.. So my vote for the best casino stock must be APT. At the moment they agreed to the Square deal you should have sold. I never owned APT - one of my LIC investments did and it did okay with it. However if you look at it now - interest rates, still not making money. Economy ,,, All of the reasons I stayed away are there. However the directors truly played a great hand and won.

My concern about going to too much cash are the following:

Inflation ( real not the rubbish they print off their ageing basket of goods) is in my opinion around 5% at least. USA is at 7% So as you are getting virtually zero interest you are losing at least 5% per annum whilst your money sits idle. I cannot predict how long it will be before we see real interest rates that are above inflation.

I cannot predict the impact of news on stocks and some management teams play the game better. That is one of the reasons I love SOL/BKW/NHC - they are realists and look beyond the next reporting season. If they keep forcing banks to not lend to coal, gas and oil then next investments in this area will slowly die which will lead to the transition everybody wants - everyone will however underestimate the volume needed and as such the surpluses of the past will be far less in the cycle and the demand is more likely to outstrip supply. I think Rob Milner's comment that the life of NHC is presently 2038 so we don't have to worry about 2050 net zero as we wont get to then. I need an income and cannot time the market so don't want to pay the substantial CGT in the underlying investments. It is the only time I get the ATO to invest with me and I get all the dividends. So logiclly I only think I can move my cash factor up.

I think the likes of SOL that has very little gearing means that as companies get rerated and some are found to be badly in need of capital the likes of SOL can get rerated just by finding an opportunity and milking it.

I have a few stocks that protect me from AUD decline - so selling them makes me a victim of my own making.

So from my point of view I think this hybrid LIC could become a real darling of the market. Often called a widows and orphans stock - because it pays dividends even in bad times could just become a haven for the investment savvy grey nomad crowd - those that are less happy with the high fees and the performance fees taking your capital. So this actively managed investment company is a very nice investment. If you ever want to see how brilliant they have been compare this stock to the NZ IFT that is similar but run by a management company that syphons off huge performance fees. They have had a lot of luck people say but I always remember the Gary Player comment - The harder I train the luckier I seem to be. I think this team works very hard at seeking opportunities.

I will keep adding more.