That's insignificant compared to his asset base of several hundred times the amount. While the company has made good profits and paid healthy dividends, it is not clear why the 2018 results showed stagnant revenues in one of the best years while all expenses increased significantly. I think the leverage will work in the opposite direction in a declining demand phase that is happening now and after 2019, the numbers will worsen. Costs are much more intractable compared to sale prices.
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