Ann: SWISH AOI Activity, page-158

"...folks....are disillusioned with a seaming lack of strategy in the execution of the buy back at these crazy low prices.... are waiting, waiting , waiting for any glimpse of news of any monetisation".

I'm ambivalent at best at presenting at conferences. Using them rarely results in more than a passing increase in share prices.There's little benefit in providing releases through a conference these days.....if there's substance to them & consequently they're market sensitive the market response is quick & efficient. In many years past I think they were an efficient forum to sell a story....these days with efficiencies in communications.....if a story has depth & value, it sells itself through market sensitive releases.

I wonder whether BRK has lost its directional compass? The market seems to think so & with some justification I believe. The pursuit of monetization at the expense of returning shareholder value through a reduction in issued equity screams of this. They said they'd do both. What's happened after a promising start? Tokenism seemingly to appease a fragmented retail base. BRK would be forgiven if there was progress on the monetization front but the market's been kept in an information vacuum. BRK could choose to release a general statement that talks are continuing (and hopefully progressing) with potential partners......nothing more.....which would keep specifics confidential and you would think not prejudice negotiations; but there's little to nothing on partnerships, future development plans seem to be on ice and as you mention the Claytons Buyback speaks of itself. Stagnation in a growth business doesn't deliver, ergo BRK's market cap. It doesn't matter whether it's real or perceived, the end result is ugly.

I still think DP's the guy for the coalface here but maybe we need a more assertive Chair person (?); an independent that actually has a voice & is an advocate for shareholders rather than the figurehead we seem to have. Arguably what they're doing isn't necessarily the best approach. It can't be if you look at cash, cash generation, the asset suite etc & where the market cap sits. There's a disconnect & it's one of managements responsibilities to bridge that disconnect.....I'll say they're failing (and badly) on this. It's common to state management doesn't control the share price- they don't but they do have sway over it with what they do & what they say. Marketing a business isn't based in conferences.....it's articulating an evolving story through executing your business plan & being able to publicize that through market sensitive releases. Do that, whether it be keeping the market informed on monetisation proceedings, the buyback or anything else. A good company does not need sponsored research, paid promotional agencies to promote it or junket conferences in swanky locations. It's as simple as executing & been seen to progress a plan with tangible results. The buyback was the easiest & most visible measure of this- it's visible on a daily basis but they've shot themselves in the foot badly with how they're conducted it and it's permeating through whole of company market perception (whether rightly or wrongly) with respect to monetisation.