Ann: Presentation FY2018 Results Briefing, page-9

Taking a guess based on what Madamswer has said in the past, timing is not something that has a large influence on his decision to invest. I think this comes down to his ability to identify undervalued companies when they present themselves and the ability to spot the quality ones he is willing to hold for a long time. In that respect, looking at the companies he discusses frequently, such as CSL, Reece, AUB and TCL, all of which are worth 10x more today, than they were 10 to 20 years ago. In answering his best ever long term investment, I think that's kind of irrelevant unless out of curiosities sake, because what is more important is that he continues to pick good investments and is just as good as deciding when to exit past great performers due to a change in circumstances.