I think its well worth noting as they're smart operators who have consistently outperformed the market after fees and taxes over the years, proof that you can beat the market with a well diversified portfolio, (e.g. outperformed the NZX50 by 10.7% after fees and taxes in the last year). I hope they reduce further and take on board some new positions in "growth at a reasonable price" stocks. Disc: Significant stake in Kingfish Warrants KFLWF that I intend to exercise on 12/03/21.