Ann: Appendix 2A - Exercise of Options, page-12

1-2 years ago my portfolio was very heavily weighted to individual holdings. That was very risky.

I also learnt hard lessons much earlier on and it was ultimately my investment in ADNOB in late 2017 that saved my bacon. I added to this in 2018. The leverage was fabulous.

It takes hard lessons to shape thinking as an investor.

Now my holdings are more balanced. Part of my risk management. So yes will take profits and re-weight. Not really free-carry but more risk management through adjusting portfolio weights. That doesn't necessarily change my sentiment for a stock.

I've got specific multiple targets I am trying to achieve with my entire portfolio. I am trying to multi-bag my portfolio - not just one stock but many and with reasonable positions in each.

In all the holdings you mentioned, management really is key. They are all cautious with cash. Skin in the game is also important (although ADN management are a bit slow to convert all their options lol).

All of the holdings you mentioned I may add to further in my super and will do that with confidence due to my deep knowledge of the fundamentals. They need to hit the ASX300 first to add to my super.

Personal commitments sometimes impact my investing. I had to replace the roof on an investment property just as the bear market hit in March. So I reduced one of my holdings at a terrible time. Bear market was in full swing and I so had to strategically select which investment to take funds from. That impacted funds I could use for converting options.

I currently have two parcels of MSB - one long term in my super (as it is in ASX300) and a trading parcel outside of super. I may take profits from the trading parcel or I may decide to hold that parcel long term. It will depend on newsflow. If I take profits from this I may add to ADN, RAC or NVA. I may look at taking on other holdings. MSB could easily 10-bag in the next few months or it might 3-5 bag. They have lots of things in play at the moment.

My general approach is to do some light research and then invest. I always try to think about future valuations with a 3-5 year horizon but only at a high level. I find it easier to commit the effort to deep-researching a stock once I have invested (skin in the game).

My speculative investing started with aiming to build equity for a Property Development. I've much more than achieved the profits that I would have needed. I could equally divert profits to equity for buying additional investment properties. My goals are bigger picture through speculative investing (early retirement).

I am always thinking about how much a stock will bag and what the likely timeframes are.

At this point I think ADN could 5-7 bag over about 12-18 months from current level and with quite reasonable certainty. I'll probably adjust that view upwards once the DFS is out.

Whats my optimal thinking now on size of starting/new positions in speculative stocks? Anywhere from $20k to $50K (although dip toe in from about $5-10k) ... criteria - how much will it bag over 3-5 years ( and what is the likely probability so you need to think about management execution, market/sector, strategy, project risk, dilution, etc, etc ).