Ann: Dividend/Distribution - WDS, page-32

"People who were late to the WDS party and bought in the last few months should have an average cost of low AU$30s.
Let's assume an average price of AU$32, gross yield is 14%.
Many would've bought earlier and in the AU$20s, so their gross yield would be closer to 18%."

All true.
However, every day represents a fresh investment decision dependent on valuation.

On that score, I see my investment thesis for WDS being most of the way to being played out, so I have this morning commenced the exercise of reducing my now-outsized position in WDS.

Because I think that most of the alpha has now been delivered.

When the stock was valued at ~$20, it certainly wasn't pricing in today's prevailing oil and gas prices; but today the upside to the valuation level, implied by current oil and gas prices, is clearly not nearly as big.

.