Ann: Appendix 3Y, page-111

I have averaged down from a stock that went 90% down. Stayed defiant, and turned over a very handsome profit in the end (with Capital Gains Discount). Doesnt happen all the time, but sure it does happen. This guy claiming not to ever ever average down? LOL ridiculous. My friend just averaged down on AfterPay. He bought in at $16. Doubled his holdings at $9. Had an average of $12.5. Every downramper was out claiming the death of Afterpay. 8wks later, trading at all time high of $45. He sold out today for a massive profit. Some $400K. So, the moral of the story, its your money. If you dont believe, cut your losses quickly and move on. If you do believe and you are under water, averaging down can be very effective. Im doing it on GMV, and confident of turning over a big profit in the medium term.