Ann: Leadership Changes, page-17

I agree, some parts of HC can be like a schoolyard of 11yo's.

There is room for diversity of opinion and that's why I am here. Abusing someone you do not know and will probably never meet, all because you don't like how your investment is going is unfortunate, but too common behaviour. I cannot see that changing anytime soon.

Its a bit like driving on a multilane highway. There we mix with good drivers, bad drivers, impatient drivers, careful drivers, courteous drivers. To get to where you want to go to there are times when the highway is the best or only viable way. We just have to put up with it and use our best judgement, even prayer to decide what lane to be in.

The markets for individual stocks are driven by sentiment, greed, risk aversion, courage, impatience as well as perceptions of the economy and ones own situation. The best part of this is that it creates buying and selling opportunities.

I am not a fan of HSN, and should probably sell down my mid-sized holding. I am glad Graeme has stepped down and I hope the reorganisation leads to better results. I sense there is a big need for a cleanout, with many passengers on the team.

It's a complex business to manage, and I don't know I would advise the board.

If I haven't exited by then, I would like it if the next AGM is in person and assume Andrew will be there this time.