Ann: Results of 2020 AGM, page-10

Their monthly reports read well. The last one mentioned value stocks that looked attractive to them. Early in the corona panic they said they are seeing lots of very exciting opportunities in the carnage. Yet we never seem to be more that 50% invested. They just hand pick a few small holdings and put the rest under the mattress whilst the market rockets. Very frustrating. They can point the gun well but can't pull the trigger. Glad it is all coming to an end even if we get robbed a few cents because shareholders didn't trust Miles' approach.