Ann: Ceasing to be a substantial holder, page-34

Yeah couple of interesting points. He has told me before that when investing other people's money, his general rule is if it drops more than 15% and the index hasn’t done the same then it may be time to bail out. (that may be at play here) He has also said that he runs a business that works on monthly performance incentives and so what generates the best returns for individuals isn’t always in line with their goals or what his clients demand. He works on 2 and 20 performance on a monthly basis, so he said if karoon goes down to 2.50 and then shoots up to $4 that is only one month of good returns and doesn't line up with their aim of constant returns. Also investors are pretty tough, he said his better off getting 10% return two years in a row instead of 0% followed by 25% (if that makes sense), his clients like constant returns are adverse to swings despite it being a small caps fund. I hope all this makes sense, he implied to me that if I'm willing to wait out poor oil sentiment and a couple years to production with a bit of management risk that I should ride it out it's just not working for them right now.