Ann: Business Update, page-57

I think sometimes it pays to zone out entirely from a company’s share price, particularly if you are a long term investor.

I’ve been accumulating EVN shares for years. The reality for me is that EVN is no less attractive to me today than it was last week, or last month, or last year. I didn’t intend to sell any of my shares then, and I don’t intend to sell any of my shares now. If anything, the current share price is a buying opportunity.

I think it was Charlie Munger who said that if you can’t handle drawdowns of 50%, you’re in the wrong game.

In my opinion, EVN is a company with great management, great assets, and a great balance sheet. I also think concerns about Red Lake are misplaced. It was bought as a turn around opportunity. JK clearly believes that they are in the process of turning it around. Given his track record, he is entitled to the benefit of any doubt about that.