This is from the EGP Capital update from the 31st of August on...

This is from the EGP Capital update from the 31st of August on PPK, which in two months of hindsight has been pretty accurate.

The best investor I know (and fellow PPK/LIS/WGL shareholder) described his version of the big risk for Li-S Energy
and White Graphene (and therefore PPK) thusly “they can go up on the dream but will run into the gravitational pull
of fundamentals”. The managements of each business need to be careful about ensuring their investors are properly
kept appraised of the prospects of each business. This is incredibly hard to do with prospectively world-changing
technologies. As such, given we are committed to the prospects of PPK, Li-S Energy and White Graphene, we will need
to accept these holdings are likely to introduce a higher level of volatility into the portfolio than we have traditionally
been exposed to. In my experience, unitholders have an incredibly strong disposition when facing upside volatility,
but seldom possess the same level of fortitude for downside volatility. Forewarned is forearmed, volatility ≠ risk,
hopefully the past two months have demonstrated this and prepared my fellow unitholders for the type of investment
experience we can expect from our exposure to these holdings.