Ann: Presentation to Asian Steel Mills and Iron Ore Traders, page-74

Here we go - some self promotion.
ok let’s say eqn abandons ree - my entry consideringvrisk reward on the value - ensures I will still capitalize on any market move la along with any acquisition. You think we all invest with one methodology? Maybe 70 years make you stubborn on one way. It is all about when you enter not always only the fundamentals. One have excellent fundamentals but if you enter at high values your risk reward tilts to the risk. However even a dog stock, buy it at 5 mil mc as a shell with minimal outflows and there is a chance even a basic acquisition in a popular sector will net you anything from 30 percent to significantly higher. The same with retaining focus on exploration - yeah ree might not work out. However you thin I invested and traded in eqn now? No you set your position and I got in between 13 and 20 c and continued building a position and trading in between to reduce my cost avg further and derisk. It’s the spec end - 99 percent fail. The most explosive is the discovery phase. I don’t need ree stocks to be successful. I just need them to be of low mc that if they make any hits the market will take em for a run. I will gradually derisk and based on my co finance I will reduce to an appropriate level and retain a fraction into development if it suffices. I have held close to 3 mil shares of eqn at some points and current hold 1.8 as I have rebuilt on my core holding. If eqn is successful I would still reduce but hold a portion to see it through knowing that I have locked in my profits and completely derisked. Other might play this end differently. Success is never one way. Experience is never always a guarantee. An old fool will be experienced in foolishness.