Chart, page-819

Hi Gareth,

I am sure many here have had similar experiences. It’s just important that we learn from them and try to improve but we won’t always get it right. I have progressively been buying EMV but my average buy price is 63 cents so most of my buying has been at lower levels.

EMV is now my biggest holding not because I have continued buying it along the way but because of share price appreciation and my determination not to sell any shares despite its size in my portfolio. This is what I believe is my edge compared to others. I have a large leveraged portfolio and when you have a significant holding in a stock that represents greater than 30% of your portfolio it comes with huge swings and volitility that many cannot handle. This is just how I invest and being down or up large sums on any given day does not phase me. Of course it’s always nicer to be up large amounts than down but it all only matters when it’s time to sell.

As EMV is pre revenue it is speculative by nature. However, I started investing in NAN at 70 cents and still hold. I therefore met Ron at a couple of AGMs. Once I learned of his involvement in EMV and I did the research I was confident it was a good speculative investment. The subsequent trial results, brilliant hires and capital raising derisked it significantly. I ten bagged in CSL but invested a small sum and never averaged up so it was not life changing.

I have learned from that experience and have build a position in EMV that if it gets to 700m MC plus it will be life changing for me. Although I expect over time it will be a multi billion dollar company.

So while not without risk I think it is an excellent risk reward investment for me but not for everyone.

I am also a long term holder in MVP and have big hopes for AVR.

I am a concentrated, focused long term investor and the way I invest is definitely not for everyone.

DYOR and Not advice.