Ann: HY22 Investor Presentation, page-51

Apologies. I can be a tool.

I'm actually a big fan of 'moaty' business with strong insider ownership. That's what drove me to be a shareholder, some years ago. I actually have written very positively about REH, in the past, right here on HC.

Whilst my enthusiasm did wane somewhat with the Morsco acquisition, this certainly this was not a 'deal breaker' for me.

The issue for me is that my capital is precious. I view a business through the lens of what income I expect it to deliver me. Even a high quality business, imo, has to be viewed through this lens. A business that can retain much of its earnings and deploy them at high rates, is indeed highly valuable. It holds the promise of a much fatter dividend tomorrow, than what it could deliver today, even if it were to pay out all of its earnings.

But there is a quantifiable limit to these things - imo. And, i view my capital as precious & to be directed to where i can sense it will deliver me a more justifiable return.

All the best with your stake.