Ann: 2022 AGM Presentation, page-28

It's not stoicism, its risk/reward profile analysis. I think this is worth more than $2.70 long term. Though I may be wrong, which is why I have a 2.5% portfolio position in SGR along with 30 other 'bets' at the same time. So if you are correct and it goes to 40 cents, I can offset the loss against other gains. As a result I increased my position from 1.5% to 2.5% today.

What I love most about HC is how many people predict exactly what a share price is going to, or that they will always be right in their predictions! I would be over the moon if I could be assured of beating the market more than 60% of the time. Everyone seems to post that they think SGR will go to $.40 or $4.00 - this is laughable! My analysis is that this is a little undervalued and has strong downside protection. Having said that anything could happen and debt markets are becoming less accommodating which will impact refinancing.

PS I get heaps of picks wrong and have to sell out at a loss, despite this I have done well in shares since I started investing 9 years ago.

PPS I probably would have done just as well, if not better with an S&P 500 index fund like IVV.