As a portfolio manager of some 90 ASX holdings - I know an outstanding Annual report letter when I see one.
Rob Phillips Chairman's Letter attached to this years UCM annual report is quite outstanding.
Warren Buffett tells us never to invest in a company we do not understand. If you are considering an investment in UCM, or already have a holding - read this letter. It answers so many questions - you will come away with a great basic understanding of the company, how it works, where it is going, and why it is valued as a good long term and relatively safe investment, even with its significant China focus.
As my eyes glaze over struggling through the current deluge of annual reports Rob Phillips letter is a breath of fresh air - Very well done Rob!
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