Ann: Operations Update, page-106

The market is over represented by perception managers rather than real managers. The perception managers are put shareholder funds into their own pockets. Sometimes real managers appear, these are the ones where they likely have significant skin in the game and realise the benefit of patient capital, leading to exponential growth in equity over the long term. They should be rewarded by investors. The challenge, identifying who is who. I know big talkers inferring extraordinary results raise questions.