The business we’ve invested in is significantly better today...

The business we’ve invested in is significantly better today than last year.

The price IMO is substantially disconnected from the value of the business, more so today than ever. Again IMO this is predominantly predicated on the macro environment as demonstrated across the market in small cap stocks.

Yes, I believe in IHL and trust management. That’s based on a relationship developed over 5 years. If that makes me an up-ramper then so be it, but those who’ve read my comments over the years have probably worked out that I know the company back to front, along with a few others.

It’s not fun seeing profits erode in this environment, however IMO the potential upside of the clinical programs and the capability of management make IHL a very good risk / reward proposition.

If you don’t agree then sell, it’s pretty easy.

I hold a very different view and I’m backing my view with my money.