Ann: Appendix 4C - Quarterly Report with commentary, page-104

Instos know it’s a risk going in and retail is irrelevant

the instos also have ways of playing both directions but I don’t think bud is a short story from 8c to here - this is just what you get once you’ve got no mkt trust and negative macro

remember one of the reasons I said to sell last July was cos the business had a risk of being in turnaround when a big equity shock comes

its a pickle in the sun atm... or an overturned tortoise if you prefer the classics

no defence vs attacks from above