Confession time, as promised last week.

A savage 2.74% drop in our benchmark this week. Fortunately, we only felt roughly half that with a 1.38% drop. We dipped into negative territory for the first time since the July 1 beginning of FY2015, but I remain very positive about the long-term prospects of our holdings and convinced value is building like a coiled spring waiting only on the right circumstances to materialise.

I am being chauffeured North by my Wife as I type this to meet some old friends for a weekend of swimming, recreation and golf. I play golf about twice a year, it could be ugly…

I wrote last week about the first of our recently completed sales. I will repeat the exercise & cover another stock we finished selling recently.