Ann: Fluence Presentation at Market Eye Virtual Conference, page-15

https://hotcopper.com.au/threads/flc-top-20-holders.4316292/page-205?post_id=44244043

Indeed, if we measure intelligence by the amount of money that has been invested, then Ron Lauder is the dumbest guy among us. (See above for breakdown of Ron's purchases). His cost all in is $1.68. But then again, he has billions and we don't.

I have to credit him for patience though. He had skin in the game since RWL Water started in 2010. He had to wait till 2020 before his investment turns EBITDA positive. Yet he is down five fold on his investment. In his mind, did he think that water was such a tough business? If he has the patience to wait for another ten years for the price to get back to $1.68, he would only breakeven after a 20 year investment. He is 76 years old (born 1944). Maybe he should have invested in AMD instead where it has gone from $2.60 to $55 in six years if he had wanted quicker returns.

What am I driving at? He is not lending his name to bolster the share price. He certainly believes he is doing good while doing business. Now, the bet is becoming a binary one. It's now becoming a bet whether the decentralisation theme is going to be a structural feature of the water business when hitherto the mindset is heavily entrenched on a centralised model. China is very slowly embracing it. The rock is starting to budge and roll a little and I think it's gathering momentum. But is it definitely not going as fast as we had hoped, certainly not as fast as other alternative technology plays out there.

That is why the stock price is where it is.