Ann: Change in substantial holding, page-26

I would suspect they let you know if they sell. Madamswer did.

The problem is the cognitive dissonance: Holders think the SP should be way higher (hence the repeated MC comparisons with BUB etc.), but it is not. The SP does not seem that related to the business (i.e. SP in a down drift, revenue steadily up, profitability continuously improving - with some hick ups though) that TTT continues to explain.

In the end, the SP will follow the business fortunes. If TTT and TEP are right for that matter, the SP will rise. One way of solving this is to focus on the business and not the gyrations of the SP. Try to poke holes into what TTT says. If one can prove TTT wrong, well, that is a sell sign. So far, I haven't seen much success in this regard.

It seems to me, that a lot of KTD has been explained, evaluated, discussed etc. in sometimes fine detail. But like a firm look into the rear view mirror, NO ONE really knows the future, and by this I mean directly the current quarter and the next quarter to come. If this is unsettling, reducing the exposure is an option. However:

Do you think the business model is broken? If you tick YES, you should sell. If you don't tick YES, you should hold - otherwise you sell at the moment of desperation (in the investment cycle), since you pointed out yourself that hardly anyone is positive now.

... all in good spirit ...

Always good to talk to you, gentlemen.