Ann: Trading Update and FY22 Full Year Guidance, page-4

Madam, I suspect the perceived negatives associated with the industry is what keeps the market away (you know: legacy, old world, cyclical, capital heavy, competitive, low barriers to entry etc etc etc).

But my sense (and I think that if I'm right, it's beautiful thing - though I may have it wrong) is that these negatives, and the perception of terminal decline, is not only what has provided the attractive purchase prices, it also keeps new competition away. The wonderful thing is that it has provided an incumbent with capital allocation skill (and the right incentives) with the perfect arena to consolidate the market and create attractive economics in an unlikely place.

I even suggest that in the last several years SKT has behaved very much as a 'moatish' compounder. I suspect, given the nature & still present fragmentation in the industry, that this is a theme that still has substantial legs (barring a major recession) - and so I am happy to have let this run to become my largest position.