Ann: Notice of Annual General Meeting/Proxy Form, page-36

I agree with you. No miracles anymore.

Howard Marks:
“When people say there’s no price too high for a particular investment - that’s the hallmark of being in a bubble.”

"Be Prepared for Chaos. When the market is panicking, and there is blood in the streets is the best time to buy. Always be prepared for this.

“Patient opportunism, buttressed by a contrarian attitude and a strong balance sheet, can yield amazing profits during meltdowns.”

Marks quotes Buffett’s famous maxim: a lumpy 15 per cent is better than a smooth 12 per cent.
So, after all that, what does matter? Marks’ answer is simple. “What really matters is the performance of your holdings over the next five or 10 years [or more], and how the value at the end of the period compares to the amount you invested and to your needs.”