Ann: WHSP 2023 AGM Chair Address, page-2

I really like the way soul patts is heading, to generate market beating returns, you must go alternative ways… getting rid of a lot legacy holdings in Milton and deploy them into calculated risk taking strategies I believe will work well for them in this high interest rate cycle.

a lot of the market returns over the past decades are from low cost of money and hence high valuation instead of eps growth per se. I think we are in a new environment where traditional businesses with strong cash flows will be back in favour, soul patts with their ample cash flow will be able to take advantage of these opportunities

the investment into nextgen is very promising, according to nextgens feasibility studies, at its peak production, they can supply up to 20% of global uranium needs, at a cost of below $10 usd per lb… uranium is fetching above $50usd per lb at the moment… and I have little doubt that it will go much much higher…. One of the problem with uranium is the disposal of nuclear waste, however, they have made quite good advancements in this area, especially in Finland… uranium certainly looks very promising and we can expect a multi decade bull run….

i also like the culture they are building into soul patts and turning it into a true investment house instead of more of a family business…. Tbh, I don’t have much confidence in Tom’s ability to run soul patts, he attends Berkshire agm every year but he doesn’t seem to get the true wisdoms of Warren or value investing … just look at bki, it’s just not the same
as Berkshire… there is comparison …. Holding a basket of banking stocks and index tracking is not value investing…. However, that is not to say he is a bad manager, I think ethically he is very good and will make a good chairman for soul patts in the years to come….

lets see what soul patts can bring to the table over the next few years … we need to find the next David teoh or the next new hope… hopefully, nextgen is one of them