Ann: Company update with Managing Director, page-11

I must disclose I bought in and sold before the half yearly, losing money in the process. This was an appropriate lesson given that I was speculating, hoping to achieve capital appreciation 'in the short term' on the announcement of a dividend.

There are many businesses out there some large and some small which offer the investor fantastic prospects over the long term. Businesses with a competitive position that are being offered at reasonable prices.

If your decision is based on a short term outcomes then it is unlikely to be an investment decision and will carry a greater risk of capital loss.

For this reason I have a portfolio which consists of 8 - 12 high quality common stock, I top these positions up on meaningful pull backs in share price. I am comfortable doing this as I understand the intrinsic value of these businesses and i am confident of their future prospects. I endeavor to hold between 10 - 30% cash to capitalise on such buying opportunities.

I no longer speculate with my capital.