Ann: Race Strategic Update August 2023, page-154

@guessingame in my personal view the SP is declining because of a lack of patience and understanding, Emotion.

By understanding im saying there's a few big fish still accumulating that i believe have a different understanding of the state of play, and or have longer time horizons. So how is that possible? "larger" shareholders, on average are either holding or buying more. While the smaller holders are heading for the door.

How could a quartile of shareholders that are similar in the only sense of the size of their holdings, be patient enough to wait it out, while others that are in a different quartile, can't and are selling?

Same company, same timelines, same access to information. Different mindsets, and therefore very different networth's most likely.

But who is right, and who is wrong?

If you look at the recent numbers we lost 600-700 shareholders, prob a little more now. All from the lowest quartile of <10,000 shares.

Then look who's not selling. Ritzy who (im guessing) prob has a net worth north of $20-$30m and has been still buying, Index, multiple buys yesterday, multiple others in the T20 accumulating. its not something anyone should solely invest on, but you do need to question why higher networth individuals are posting calmly and factually, and buying more shares.

Many are not looking at current RAC objectively, things change as more information comes to light, strategies change all the time, "Long term" Investors need to adapt with it.

Right now many are choosing they don't want to, cant, or think they have a better shot elsewhere. Ritzy, Tillet, and others with high net worths aren't one of them.