Ann: November Trading Update, page-36

While I never got round to doing any real research on the stock, you were onto it early, so congratulations for the bottom-up insights you developed from your first-principles research.

I suspect your investment conviction would have been high, so I trust you appropriately sized your investment position to ensure you get adequately compensated for your unique and differentiated insights.

Nothing worse than doing all the hard work, assessing the investment opportunity as being favourably asymmetrical, but then not getting properly paid for it!



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