Ann: Board Transition, page-23

I must take Jay Powell on his word having publicly stated with conviction, there will be no pivot until inflation is licked.

Based on this firm " guidance", I am expecting the next market sell off to be cruel to everything, investment managers, industrials, energy, green energy and precious metals. Anything liquid will be on sale and the sale may last longer than l previously anticipated.

l can only suggest investors gave plenty of courage, plenty of cash and plenty of patience.

PTM are good at this stuff, the SP may sink well below current levels in the sell off, that is the way these things go. That is also when there is blood in the streets and money to be made.

Despirte building a 20% cash buffer, I expect my net worth to decline 10% over the next 12 months. It is firmly in my head to allow me to think straight when it happens. I expect equity markets to decline 15% to 30% and property around 10% to 20% as interest rates bite hard. Physical precious metals will cushion the fall in equities but not offset them.

l hope to support the PTM new carbon transition fund which will suck up a lot of the company's balance sheet cash. It also has the potential to seed a recovery in both FUM and reputation. It may have a tough initiation in the marketplace, but is beautifully positioned to do well later in the decade.

GLTASH