Ann: Change in substantial holding, page-10

Well I wouldn't say I'm a "Regal lover", but I'm certainly a supporter. Phil and the team are brilliant investors, and have delivered phenomenal returns to their investors since inception. They are very good at finding those stocks that have been unjustly discarded by the market, and I'd say OPT is a clear example of one of these. Their incredibly high conviction is definitely a reason I remain invested, with the size of their position it's either all or nothing for them.

Retail hate them because they don't fall in love with a stock. As soon as they no longer believe in the bull story, they'll dump it into the hands of retail (might be a bit hard in this case, given the size of their position). As long as you're buying with them (it's at near all time lows so it would be tough not to get it at a similar or better price than them), you should be seeing them as a friend not an enemy. They're not to blame for getting us to these prices either, that's entirely on management's bad capital management. However those problems should now be behind us, so I look forward to the inevitable rerate we will most likely enjoy sooner or later as the market begins to anticipate the results they will release. At the end of the day, no amount of poor capital management will change the fact that they have some pretty solid tech