Ann: Preliminary Final Results, page-3

That's true, the strategy of holding very high quality companies has paid off handsomely in the last 12 months, well done.
However, when viewing the 5 major portfolio sales and the 5 major portfolio purchases in recent months, I'm not altogether comfortable. For example, sales of REA, REH and CAR replaced with purchases of IGO, LAU and RGN!
Is management trading out fully valued high quality businesses for inexpensive average businesses? Will this capital, in after tax dollar adjusted terms, earn a greater return from these new investments? I have my doubts, but I'll give them some time to assess it.