Ann: Response to Media Speculation, page-160

I agree with those sentiments, the gold sector is totally beaten up, and if the AUD does continue to go down eventually other foreign buyers/predators will see the pricing disconnect of ASX-listed gold producers & developers.

The only trouble with counter-cyclic value investment is that being early and being wrong, looks exactly the same, until the investment environment changes and macros confirm the counter-cyclic investment thesis. Sometimes it's possible to be too early, and the end result can be a deterioration of capital over time, and the end result is actually the same as being wrong.... i.e. "the market can sometimes stay irrational longer than I can stay solvent" story.