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When GG closed and you started this portfolio with so much enthusiasm, I had high hopes. Why so little activity whether buying action or any discussions? Is your UK gig keeping you too busy? I hate to see this tremendous potential here just slide away.

Hi Anurag,

I have been busy with my work in the UK, as I'm now working on two services there. That hasn't left me without time to work on this portfolio but it has created instances where I wanted to get a buy out, but had to get my UK work done first. Then when I return I find my buy idea is no longer attractively priced.

Also, what I consider the best opportunities for this portfolio haven't been attractively priced and they've stubbornly remained expensive. I am a bit surprised at how rich the valuation has become at Henkel and many of the other consumer staples of late. Often considered safe havens of sorts, I no longer consider them as such.

The idea of being active for the sake of being active has crossed my mind, but I prefer not to go that route. Instead in the absence of some truly compelling bargains I'll be adding a number of new companies I have built up on a watch list in the past few months. Some of these will be US listed and a little more US-centric, but all will be global.

So that's what's up. I'm more than happy to chat, I just haven't seen much to get excited about lately, despite some rather large moves among stocks. It has been frustrating to say the least but I think patience will ultimately be rewarded.


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