Ann: Change in substantial holding , page-30

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I read a comment today "Lendl taught Murray to learn and grow from defeats not to stew on them". I spend a lot more time working on my defeats than my victories and I do the opposite of what most seem to do. The more they fall, the more I buy provided of course that the fundamentals continue to appear attractive to me.

It doesn't always work and one of my worst was Henry Walker which did fall all the way to the ground as I kept buying. But in February 2009, I bought Forge, Emeco, Macphersons and Bradken. I was certainly losing plenty of money at the time. I paid 21 cents for my first purchase of Forge and it went up to more than $7. The others went up 6 to 10 fold. I didn't stay with them the whole time unfortunately but they were great winners. You don't need many of those to pay for the odd Henry Walker. Funny thing about the latter is, shareholders have been told by the liquidator some 7 years later that we are going to get something like 25% of our money back.

I believe some of these mining service companies have the potential to do a Forge, and BLY would have to be one of the main ones. It may go broke but it also may go up ten fold and I am happy at this stage to have it in my lot.

GPASAS