Ann: Mahalo Gas Hub Operations Update, page-65

the 1/3 COI i have sold i put in SBM 24c based on same corporate action play. +40% maybe its running on gold tailwinds and benefit of being a high cost leverage play or maybe the corporate play thesis is playing out. Irrespective current gain represents what the R/R would be if COI reaches 25c and highlights the opportunity cost. I am not even comparing it to opportunity cost of growth names (too expensive). Opportunity cost of other corporate / M&A which in my view have better R/R profiles so i have no regrets selling down, my regret was not selling everything in Q1 and placing it in winners. Lets see how the next quarter goes