Not that boring, page-33

Your point is valid, and I think the continued retention of such a large cash reserve (one third of the market cap!) has certainly been queried by analysts. I’m personally comfortable with it…if the chance to take advantage of a distressed market does come along, we can take it without having to worry about the credit liquidity issues that often come with such times. We can also gradually add whenever we want to in the meantime.

I think Alf has made reference in the past to the funds being retained for these reasons (a bigger move at the right time). But he’s content to just sit on it for decades if necessary waiting for the right moment. I’m fine with that, but I do appreciate that quite a few others see it your way.