Ann: Change in substantial holding from ZER, page-15

Eastwest,
Well everyone thinks they can outperform the market and pick winners, few have the skill of Buffet to actually do it.

I am not even sure that there long term convictions are a good investment thesis. As someone that won big on the last nickel boom/bubble I am glad I largely got out of nickel for nearly a decade, and wished I had fully. Time to be back in again imho, but a fund taking big positions simply can’t get in and out easily.

EL