I have been very impressed by the team this year with some cracking recommendations (like REH, Audinate, FDV). But I also like the caution and have sold out of a few things that were a bit frothy after reading your assessment (BTH and NTO). I find it harder to sell things than to buy so even if you write up a stock and decide it is too pricey that is very helpful in terms of selling if I hold that stock. I find some of the calls in the model portfolios a bit hard to reconcile with whatever the current recommendation is and would like a bit more consistency there. I also would like to see more emphasis on smaller stocks where I think there is more alpha than the large ones, and also some of the more recent IPOs like NUIX and Hipage (HPG). But overall I think you have navigated the last 12 months brilliantly in very difficult circumstances.