Ann: December 2022 Quarterly Report, page-39

No, Bigstockpunter. Its not that detailed a model, like the analysts run, its just meant to help me see potential big picture upside and a valuation gap in the market. When i invest I like to see potential size of the prize relative to the risk, in order to make a punt. Getting into the reeds over detailed performance doesnt interest me too much as you can be distracted by accounting noise and minutae when getting into those detailed models, and you can invest a tonne of time trying to model in all that extra noise but often all that extra effort to make it 10-20 % more accurate doesnt really move your investment thesis.

I am a WHC and very disappointed by todays dividend announcement. Board being ultra conservative there, feel they maybe a bit burned still by what happened a few years back when they did over extend themselves.

My criticism is that at present WHC board is treating dividends and buybacks as coming from 1 big bucket and conflating doing both as both equally being a return to shareholders. That is completely stupid approach in my view and completely lacking in nuance. Yes both are cash out the door but from a capital management perspective both should be treated separately and distinctly with how your prioritize both. You need incentives for your ongoing longer term shareholders which is the dividend part and buybacks should be done opportunistically to add value for continuing shareholders where the price trades lower than a fair valuations should imply. I feel right now the dividend is getting cut to fund a buyback, and in that case your really just giving money to shareholders who are happy to leave. For mine they would be better to have a set dividend policy that provides a guaranteed return to long term shareholders and after that you do buybacks if there is more money in the can, but that is not what WHC are now doing. So yes , very disappointed in the board.