Ann: June 2021 Quarterly Activities Report, page-3

a very slight tick in volume this week, albeit just from commsec. from what i've heard, top 20 is stable and even had a new name or two appear. a very patient accumulation, and definitely buyers lurking offscreen.

it's been a long wait, which is frustrating at times but has helped with spacing out the buying to gradually increase my position. keen to see what they can deliver. my optimistic take is that the extended lull amidst non-stop deal flow around the market means they aren't going to piss away money with some dud vend for the sake of it. these guys would have no shortage of access to deals given the names involved, so whatever/whenever it comes should be a monster. like they've done many times before.

and the quiet land grabs happening on the side all sound very promising too - its comforting that they aren't like many other specs paying crazy overs to someone else who bothered to do the license application; they actually do the work/research themselves and build a portfolio without an endless stream of dilution.