Welcome to the VGI Partners review of our two listed investment companies, our global fund, which is VG1, and our Asian fund, VG8. It's Rob Luciano here. I'm joined by Tom Davies here in Sydney, Marco Anselmi, and we have Rob Pioner, who's on the screen in New York. Rob, can you hear us? We can see you. Great. We're just here to give you a general update. We'll go through a slide pack, which I believe many of you will have seen before, but we know that there are some new investors on the call, and we know we've had a number of new investors join us over the last six months or so. We'll progressively go through the slides, do that relatively efficiently, we hope, and then we'll move on to Q&A, and that should take us probably an hour or so to get through this. If we happen to go over, and I should say up front, we're very happy to take your call or follow up with individual shareholders or groups afterwards. We have Ingrid in investor relations, Gemma, and Rachel, who's in Brisbane. The three in the team can help you all, and myself, Tom, Marco, and Rob are also available to talk to our key investors in VG1 and VG8. In terms of the first slide here, it's just a general snapshot on who we are and our structure. The diagram really gives you a snapshot on how we're structured, unlisted and listed funds. The key point with VGI is you now can access our strategy through two list investment companies. The aim of doing the list investment companies, as a reminder for everybody, was to close our strategies. We believe that it provides an access point for non-wholesale investors to access our strategy. If you recall, our core global strategy is only accessible in an unlisted structure if you are a wholesale investor. That is, if you had more than AUD 1 million to invest with us and you met certain criteria. We might go onto the next slide. This is the performance of our global fund since inception. This is the unlisted fund that started in early 2009, January. This is the return profile. Over the period, it has held on average close to 30% cash. On a risk-adjusted format, you can do the calculations yourself. That's the long-term time series. Again, different to most managers, we are a long, short, absolute return manager, and we have generated that return with roughly 2/3 the exposure to the market, just on 70% exposure to the market, and have beaten the market as a consequence. We focus on a risk-adjusted return. 2020, you can see the map there, was one of our more disappointing years. The second half of 2020, substantial improvement, and the return profile is there for you to see. In terms of what we look for in a business, it hasn't changed. Consistent now for more than 12 years. We evolve the way that we analyze companies, and our processes continue to evolve, but the core principles remain the same. Attractive industry structure, secular growth, sustainable competitive advantage, high-quality management team, a strong balance sheet. It's not essential for it to be net cash. We're happy to have a high-quality business with some leverage. Many do these days, but it's something that we don't want an excessively geared company. We're always looking for a margin of safety. We don't want to buy a dollar coin at AUD 1.50. We're typically looking at dollar coins trading at discounts or dollar coins trading at fair value that we think can keep growing. In terms of the philosophy and alignment of interests, the key three key tenets of our philosophy is there. Capital preservation, compound growth, our targeted return through the cycle, 10%-15%, and we're roughly now in the midpoint of that. Concentration, we look to allocate capital to our best ideas. The alignment of interest on the side there, again, a reiteration of how we've always operated. Our unlisted funds, all the costs of operating those have been covered from day one. We took that same philosophy to the listed investment companies where we cover all of the ongoing operating costs. People will recall when we listed our listed investment companies, we covered the setup costs. There weren't any dilutionary options on issue. We took a very unique and novel approach to establishing our listed investment companies, which in turn, the whole market followed, which we were pleased by. The other difference for the VG1 and VG8 listed investment companies is the founders of VGI Partners or the original shareholders, which is myself, Rob Pioner in New York, and Douglas Tynan, who's resigned from the firm. We have committed to reinvest any performance fees we receive from both VG1 and VG8 back into shares of VG1 and VG8 while we are the manager. That is a very different attribute of our listed investment company. It's in line with what we did over the years with our core funds, our unlisted funds, and it highlights the ongoing alignment and commitment that we have as the manager. I should say that Tom and Marco have also been ongoing acquirers of the listed investment companies themselves. VGI Partners itself, the management company, which is majority-owned by myself, Rob Pioner, and Douglas Tynan, that VGI Partners itself has been an ongoing buyer of VG1 and VG8, which is again, a differentiated aspect of the listed investment companies that we manage. Staff are prohibited from buying certain securities, so you won't read about me buying securities in a company or doing pre-IPO investments. You won't read about VGI Partners' staff doing that. We invest in the funds, in our own funds, in our own investment companies. There are a lot of things that we see that we could do for ourselves. We don't do it for ourselves, we do it for our investors, because we ourselves are only permitted to invest in what we manage for you. Again, a different aspect. You'll see lots of fund managers pop up as investors in certain vehicles and securities, which they do for themselves, but don't do for their clients. That's not what we do. In terms of key initiatives for VG1 and VG8, we're continually focusing on enhancing our advisor relations and shareholder communication. It's something that we're going to continue to focus on and build our capabilities in. We've increased some disclosure where feasible and where possible, and it doesn't prejudice our interest and capabilities to execute. We're doing regular webcasts. Rob did one recently, which I think will be shown soon. Tom and Marco have done a few. We're making ourselves accessible where possible to speak to investors. In terms of capital management, VG1 announced a capacity execute on a buyback August last year. We made a commitment even when VG1 was at a premium to not raise any more capital after that additional raise that coincided with our IPO. Same with VG8. There's no plans to do anything else that's pending. Again, we have no dilutionary options or instruments outstanding. Dividends, which is important to all of us, particularly all VGI personnel who are investors in our listed investment companies, is that we're very focused on fully franked dividends. We're mindful how important they are. We're very focused on VG1 paying fully franked dividends on a regular basis. The board just announced a fully franked dividend of AUD 0.015 for VG1, and we now have the capability with VG1 to continue to pay fully franked dividends, hopefully, continue to grow those dividends, and that is certainly a part of the strategy for VG8. As we build up franking credits, those fully franked dividends will start to get paid. As for VG1, we only wanted to commence paying dividends for VG1 when we knew that we could pay a sustainable and growing dividend. That will be the case for VG8, and we hope to pay a dividend as soon as possible. We have a complete alignment of interest to receive fully franked dividends. I should highlight, though, for VG1, that fully franked dividend of AUD 0.015 there is a DRP and the DRP is due close of business 15th of February. Myself and my family, and VGI Partners executives here, the other executives and board members I've spoken to will all be reinvesting in the DRP. I'll leave it to you to make your own decision and decide whether you participate, especially given the discount that exists at the moment. Moving on to our global strategy, which is ticker is VG1 on the Australian Securities Exchange. These were the drivers of performance last year. We had a very strong second half, despite still having a relatively conservative cash balance and still having a short exposure. The return drivers for the year and some of the returns from these positions, some of which are quite large, like Amazon, were very substantial. Pinterest delivered us well over 100% return. You might recall we started talking about that position in about July of last year. Stocks nearly tripled from our original purchases. Palantir, very similar situation, very strong performance. We were able to take advantage of some of the January moves due to online trader interest and retail interest in the U.S., particularly in Palantir, where that share price moved substantially. We were able to capture considerable unlocking, considerable gains. FDJ, which we built a position, Marco and Tom and I went to Paris and London end of 2018. End of 2019, I should say, and participated in that IPO. We received the largest non-French institutional allocation, that's a position that we've allowed to grow and compound and has now more than doubled from the IPO price, I believe. It's been another strong contributor this year driven by not just their monopoly long-term license, but the growth in online gaming, on which with a monopoly, you're in a pretty formidable position. Mastercard, another long-held position that has performed well, and we think is increasingly attractive here. Just going through the portfolio structure. You can see the long and the short structure there, the cash weighting. This is as at 31 December. It has moved around a little bit. We've found a couple of new opportunities in a certain situation, which we'll talk about at a later date. The short positions has changed as well with some single stock shorts, but we can talk about that perhaps later. The rough composition of the portfolio is by location. Again, I reiterate by location of exchange. It's slightly a little bit misleading. The skew to global is far greater. It's just some of the listings are in the U.S., and that is sometimes, I think, can be a little bit disrepresentative of the total global exposure. We can talk about that later as well. This gives you a general sense of the split between sectors and the top 10 holdings. We may not always disclose top 10 if we're looking to build a position, and we don't want to prejudice our interest, particularly in things where we think liquidity is not that substantial. A number of these have substantial liquidity, not always. Largest position remains Amazon. You may recall that that was nearly a 20% weight middle of last year. We've reduced it down. The stock's obviously performed very strongly. It's really gone sideways since we reduced the holding. Mastercard, still second largest holding. Interest has grown considerably due to performance. CME, you might recall we reduced that holding a bit. Very happy with it here. New position, SAP, a new addition as of last year was Olympus. This top 10 holding has since changed since 31 December due to a new addition, which we won't talk about today, and a couple of other modifications that we've made in the portfolio. It's similar to this, but we're excited about a new position we've been able to build in January. Look, I might pass this over to Tom. Tom's done a lot of work on luxury and particularly on Richemont. Tom, I might hand this over to you. Sure. As Rob said, Richemont is 5% weight in the global fund and also second largest position in our VG8 global in our Asian portfolio. The key driver for Richemont earnings is the jewelry division, and the jewelry division consists almost entirely of Cartier and Van Cleef. Cartier was founded 170 years ago. Van Cleef was founded 110 years ago. Both of these brands have got a very rich history. They've got a lot of prestige, and they've got a lot of heritage. The reason that's important is because it gives them pricing power. A way to assess that, the way we look at assessing that, is to look at the secondary market. If you look at Sotheby's or Christie's, look at resale value of jewelry. Cartier and Van Cleef quite often appear in the top 10 lists of highest value transactions. Actually, Cartier in May last year sold a Tutti Frutti bracelet for AUD 1.7 million, which was the highest online sale to that date. Below that in the actual consumer end of the market, away from high jewelry into fashion jewelry, where the price points are AUD 1,000- AUD 10,000. Cartier and Van Cleef are the leading brands on The RealReal, which is the leading luxury resale website in terms of their ability to hold secondary market prices. What we take from both of those indicators is that these are brands which hold their prices very well, even in the resale market, and that's an indication of very good pricing power. We think Cartier and Van Cleef, they're the best luxury jewelry brands around. In terms of the sector, we think luxury jewelry is the best or the highest growth sector within a luxury sector. The reasons, the secular drivers behind that are the shift to branded jewelry. Still today, only one-third of the market is actually branded 2/3. There's still high street jewelers that sell unbranded jewelry. There's been a secular shift towards the brands over time, but it's still in the very early stages. We think that's got a long runway to go as some of the larger groups can invest more heavily in marketing, and we'll see the share shift towards them over time. Also, another driver is increased instances of self-purchasing. There's been a bit of a shift here in perception. Jewelry historically was just a gifting item. Whereas now you see a lot more people purchasing it as more of a fashion item and something that they want to buy for themselves and see as an investment for themselves. The last driver, and this is more of a luxury sector driver as a whole, is the bifurcation of wealth. This has been a societal phenomenon. It's a global phenomenon we've seen for 10 years now, where the rich are just getting richer. The target market for these luxury companies is the top 1%, and that 1% just continues to get richer. As the target market gets more wealthy, it's obviously a big tailwind for the likes of Cartier, Van Cleef, and Richemont as a whole. Those drivers and the strength of the brands have driven the jewelry division to have 10% revenue growth annually for the last 10 years. We don't think those drivers have changed at all. We think the brand strength has only enhanced, in our view. We think they can continue to achieve high single digit or double-digit growth for the next 10 years. In terms of looking at Richemont, we think that there's still upside to the current Richemont share price, just looking at the jewelry division. We think that underpins the whole valuation of the business, and we think that you get a lot of other attractive assets essentially for free. The two big ones are the e-commerce division. It's called YOOX Net-a-Porter. Within that you have YOOX, NET-A-PORTER, MR PORTER, and THE OUTNET. The combination of those websites makes it a leading e-commerce platform, rivaled only by FARFETCH. They've been going through some transitions. They historically have had separate operating systems in the back end, which have made the logistics relatively complex. Over the past three years, they've been re-platforming, moving all of that onto one singular computer system, which is run by IBM. That's been quite a long process and has resulted in them investing on the income statement, which has resulted in them reporting operating losses for the past few years. We think we're getting in towards the last innings of that. With currently Net-a-Porter being transferred onto the new platform, and we think in the next 12-18 months they'll be through that and it should push the business back towards or into profitability. We think if you look out there at the peers that are in the sector, probably the closest peer is Mytheresa, which IPO'd two weeks ago. That's one-fifth the size of YOOX Net-a-Porter, and it's got about a $3 billion market cap. We think YOOX Net-a-Porter is being ascribed no value as part of the Richemont current share price. One of the key peers out there is at an AUD 3 billion market cap. There is a lot of hidden value just in that asset alone. In addition, we think you get a leading watch and accessories brand portfolio for free. This is a business which generates AUD 3.5 billion in revenue and includes brands like Montblanc, dunhill, PRG, Jaeger-LeCoultre. There is some very high-quality brands that also have had temporary impact. The Hong Kong protests were a very big headwind. The crackdown on gift-giving in China were a big headwind. Of course, COVID was a big headwind for this business. We think management has taken a very long-term view in their management of this. Instead of discounting to drive revenue, what they've actually done is spent EUR 500 million in buying back watches, taking them off the market, and taking them apart for the spare parts. The reason they've done that is to maintain the brand equity for the long term. We think that's a pretty unique strategy that management have taken, and they're only able to do that because they've got a very long-term view of the business. We think that has positioned the business well. The brands have maintained their equity. The store footprint has been shrunk down. There's been a shift to online because of COVID and because they own YOOX Net-a-Porter, they're also able to transition faster to online some of the watch sales. We think it's very well-positioned for the next two to three years as that sector recovers and these brands are positioned to take advantage of that with, of course, a lot of operating leverage in the retail business, which it has. Summarizing on Richemont, we think current valuation, there's upside from jewelry alone, which we see as a very high-quality business with a lot of secular growth. Then we think you get one of the leading, well, the leading e-commerce platform and a portfolio of very high-quality watches and jewelry for free. There's a lot of upside from the current share price. Tristan. All right. Thank you, Tom. Just going into the Asian fund. Just a quick snapshot on how it's tracking. You can see the return. That return was generated with nearly half of the fund in cash. Rightly or wrongly, we've been able to deploy a substantial amount of that cash in Asian market weakness over the third and fourth quarters. There was sell-offs in certain situations, largely technology, e-commerce situations in Japan and elsewhere, we were able to take advantage of share price weakness or substantial weakness in some cases. That's the return we generated with a high cash balance. Really picked up in the second half. Key contributors, you can see there Nintendo, Hong Kong Stock Exchange, Richemont, which Tom went through, Kikkoman, and then UX, which was an IPO that took place last year that VG8 took a substantial position in. Just going through the portfolio. This is it as at 31st of December. We've found some additional situations since then. Made some changes, both buys and some disposals. That's roughly the breakdown. There's also a single stock short back on and a couple more pending. We might go through to the next slide. Thanks, Tom. Biggest positions. Remember here, at cost, we've got a restriction maximum 8%, and then we can let single positions grow up to 15%, I believe. Nintendo, as at 31 December, the largest holding, just had a terrific result. That's something that we can go through at a later stage. We can't present it on Nintendo in detail. Richemont, second largest, and Tom's just gone through that. Olympus, we went through in the previous result, which is the leading player in endoscopes and leading player globally, 70% market share. Crown Resorts is a special situation, and Marco will go through that afterwards, and we'll take you through our thesis there. UX we mentioned, has become a bigger weight as a consequence of share price performance over the last month or so. There's a position there that's made its way into the top 10, which we won't to talk about. We're active in it. There's a couple of other new positions that we've been building. You'll notice we've disposed the Kikkoman position. Excellent business, valuation has now got to a point that we stretch it ahead. There are a couple of other situations that we've looked to sell off. You might recall, we made a couple of other disposals last year of situations where we think the prices have started to defy gravity. Look, Crown Resorts, special situation. We also have a holding in Star. Yeah. Combined, I'd say it's roughly a 10% weight in these two, I'd call them special situations, in that we think they're attractive businesses. We've got a certain opportunity due to the sell-off, there's some attractive features, particularly on Crown, which is why we've made it a bigger holding. Yeah. Maybe I'll hand it over to you, Marco. Yeah, agreed. They're not the typical secular growth compounder that we're looking for in BGA. Nonetheless, we thought we had the opportunity to grow a position in a high-quality asset at a very attractive price. Crown Resorts is a company that many people will be familiar with. It's the largest gaming and entertainment venue operator in Australia. They have the exclusive casino license in Melbourne and Perth. They have a casino in London, and then potentially now a second one in Sydney. The Australian casinos are businesses that we have followed for quite a long time. In fact, we were shareholders of Echo Entertainment, now known as Star Entertainment, which operates Star Casino. We were shareholders of Echo back in 2012, between 2012 and 2015, in the global portfolio. It was an investment that delivered a very strong return for us. They are assets that we understand and we like because of, primarily, they're monopolies. They're very attractive industry structure, they also have a sticky customer base. The product is addictive, while also being resilient. Even in consumer downturns, typically, wagering activity holds up pretty well. They also have long-dated concessions, which provides good visibility into future earnings. They're highly cash-generative businesses, particularly Crown over the next few years, which has just completed a number of large CapEx projects, which means it should start to produce significant free cash flow. The last thing we also like is that there is tangible asset backing because the casinos own the property, and that provides another way to potentially unlock upside that I'll mention in a second. The opportunity that sort of was presented for Crown was really during the COVID lockdown. The share price sold off as casino visitation essentially ground to a halt, and so Crown had to rush to reduce the burn rate. We sort of took a long-term view in the sense that we didn't think that the asset was structurally impaired and that casino visitation would eventually resume. We used co-Build a position. Secondly, we grew the position when there was a further share price sell-off as a result of the New South Wales public inquiry into Crown's governance practices. At the time, our analysis showed that we essentially weren't paying for any upside or future potential earnings from Crown Sydney Casino. As we've been in the position, we essentially were getting Crown Sydney as a free option, which we found very attractive. Now the concerns have spread to Melbourne, given that the Melbourne license is also under investigation. We find the possibility or the probability of the Crown Melbourne license being revoked as very low for a number of reasons. Crown is one of the largest private employers in Melbourne, firstly. It's also a key contributor to state government revenues through taxes. We think it's highly impalatable from the government to revoke that license. We also think there's other avenues that the government is more likely to explore before they take the drastic step of revoking that license. For instance, they'll look to impose stricter controls or better compliance, which we think may add incremental costs. We also think that Crown through COVID has right-sized the cost base and taken the opportunity to implement significant cost savings, which we think could easily offset any incremental costs from more compliance. We actually think that the business will be better off looking two, three, four years' time if there is a change to the corporate governance and even potentially the shareholding structure. The other thing that we like about Crown and why we still see upside even here is that there's a number of things that could provide further optionality. As I mentioned before, they've just completed a large number of their large CapEx projects such as building Barangaroo, the Crown Sydney Casino, and we think that will lead to a material step-up in free cash flow generation, which could be deployed in shareholder returns. We could potentially see a large buyback or dividend. What else is also attractive is the fact that there could be value unlocked through, for instance, a sale and leaseback property transaction. Blackstone now owns 10%, they have a 10% stake in Crown, and they have experience in these casino assets. They've actually executed sale and leaseback transactions in other casino groups globally, we see that as a decent probability that they could execute something like that in Australia. Lastly, we also think that there's a decent probability, or we think Crown would also be a highly attractive asset for a takeover. We think that puts some downside protection on the price. We've seen prior attempts by other casino groups to take the business over. We think that the inquiry has the potential to provide a catalyst to unlock the shareholding structure that's always been in place at Crown. We think it would be a highly attractive asset for either Blackstone or any of the other casino groups, someone that can create perhaps a Pan-Asian casino group with Macau and Singapore operations. Overall, we've got the opportunity. We see the investment in Crown as opportunistic. It's not a typical secular growth compounder, but we thought we got the chance to build an attractive margin of safety and still see some upside in the investment. Thanks. I would say on Crown, that is a kind of situation that we can take advantage of in the Asian fund, but also the global fund. Meets a lot of criteria, maybe not secular growth, but it's a category of investment that we do focus on, and occasionally we can get some substantial opportunities where we can take advantage of sell-offs in markets where you have investors who are very focused on short-term performance, short-term return profiles, and we can take advantage of that. Crown is a classic example of where you had an Australian institution selling due to fear of short-term issues or the perception of owning this kind of situation on their portfolios, and we can take advantage of that. Again, it's irregular, but it may become more regular in having these kinds of special situations where they're high-quality businesses that have a mispricing. I'll leave it at that. Shareholder engagement points are up here. Please, if you're a shareholder of VG1 or VG8, and if you haven't contacted us or we don't have your details, perhaps you have a financial planner, perhaps you have an advisor at one of the brokerages, that's fantastic. If we don't know who you are, we can't communicate with you directly. Please send an email to our investor relations address. Please telephone. Ingrid is our head of investor relations. Gemma Brosnan is investor relations manager here. Rachel, who many of you up in Queensland have spoken to, please contact her. Provide us with your details, and then we know who you are. It allows us, in many instances, to organize a call or for investment clubs, we can do a Zoom call for an investment club, for financial planning groups. We're very happy to do calls and have hosted many of those where financial planners or advisors at brokerages have got a group of their investors, and we've had Zoom calls, and we've even hosted a number of events for our investors who have substantial holdings or clients who cumulatively have meaningful holdings in VG1 or VG8. We're very happy to engage and keep our long-term shareholders involved. All right, that's the end of the presentation. We're sort of running a little bit over time, but we'll make as much time as possible for questions. Tom, you're going to read out the- Yep Questions and- The- Let's see how many we've got. Yeah. Sometimes we have a few and Okay. Okay, thanks, Rob. Looks like we've got quite a few questions come through online, so we'll try and get to as many as we can. If we don't cover your question, as Rob said, please reach out to our investor relations team and we'll get back to you to answer your question in due course. Go to the first question here. What does VGI currently think about shorting? Were you affected by the Reddit day traders who've been creating short squeezes in stocks like GameStop? Okay. Well, what do we think about shorting? I think we commented on shorting last year that we were finding it extremely hard. That was coming out of the second half of last year. We incurred some substantial losses on shorts, generated substantial gains, and hence our returns in March were positive, losses and had a couple squeeze us in the third quarter, which we learned from. That learning process has resulted in a variety of changes, some very substantial changes I should say, in how we go about shorting and the systems we have in place. As a result, we had some single stock shorts on now in both portfolios, and neither were affected by what took place because we've adopted and evolved our processes to ensure that that won't happen. Like I said, we experienced some short squeezes in the third quarter of last year. That's unlikely to happen again because of the systems and changes that we've made. I'd say they were relatively minor compared to. Oh, they were- What happened? They were relatively inconsequential. It taught us a very good lesson. It taught us how to evolve and basic things. Certain levels of short interest where we will just avoid it regardless of how attractive it may be. Days to cover, we're watching it. Retail interest, watching it. Other general points. We've adapted and evolved our systems, including we've been monitoring social interest, social media, and watching these various trends. Our data scientists in New York have been doing a great job in allowing us to track these things. We've avoided these kinds of situations now for a while. We have been worried about single stock shorting for a while for a variety of factors. The easy money, zero rates, gamification of stock trading. I think we talked about in our VGI letter, this acceleration of individual stock trading in Korea. Korea's an example of leaders in many things, for reasonably small population and you have a look at the Korean stock market, at certain points up to 70% of trading volume in Korea is individual online trading, which is just out-and-out speculation. This is now making its way through into all markets. It's very problematic. Do I think it's a sustained thing? No, I think it's cyclical. It's a bit like this thing on leaks and leak discounts. I think it's cyclical, and I think it's a by-product of the environment we're in, and I think it's very tricky. You saw some of the losses that firms had in January who were exposed to these kinds of short positions. 20%, 30%, some firms 50% losses. Thankfully, we've modified our systems and we think that we are in a position whereby we can avoid that kind of situation. It doesn't mean we're not single stock shorting, we are. I'd like to look, Rob, I might hand it over to you. You're in New York. You've been helping us on the short side now for over a decade. Yeah. What are your thoughts? You're there real time and we've talked about GameStop and a few of these things and these situations. No, look, the point you made, we've made a number of changes in the process over the last six months, years, in terms of protecting against some of those indicators. Actually, that's been something we are exposed. More generally, on the short side of things, I would say, looking back the last 10 years at higher circumstances where we've done that, it's been in structural challenges. That's, I think, over the last 12 months where we've been really focused. As Rob said, we've been starting to put some of those shorts back on because we've seen some opportunities in the market. Also, look, I'd say, in terms of that structural disintermediation, we've seen an acceleration of that on the back of COVID, right? We've seen a number of these trends, whether that be penetration of online marketplaces or electronic payments or even the shift of corporations into the cloud. We've seen these trends really accelerate over the last 12 months. I think we've been very careful on the short side. Conversely, I think we're now at a point where we are starting to see the risk-reward in some of these positions. More recently, we've been starting to put some of this back on. Particularly these long-term structural shorts where we're relatively confident that the business in five, 10 years is much smaller, if it exists at all. We've been starting to re-engage in some of those positions. Yeah. Look, I think we've got three key buckets. The fads, the failures and the frauds. I think the frauds have become very hard. This is nirvana for fraudsters. What is currently happening and taking place and facilitated by central banks and governments. It is nirvana for fraudsters. This is an environment where Bernie Madoff would have not been uncovered. This is an environment where a variety of situations, well-known situations, would not be uncovered. Wirecard is an outlier, in that it was uncovered due to investigative journalists largely. There's unfortunately not enough investigative journalists these days. We're therefore focusing on these structural shorts, and we're starting to put some of those back on. We think there's some interesting opportunities. The problem is in this environment and with these kinds of day trading squeezes, we have to be very careful. We're finding more opportunities. We're watching for catalysts. We have a list that we're ready to move on. We just need to be careful. Over to you. I might add something in there as well. Just getting a bit long in the answer, but specifically on this situation. It's a good question. Through January, we obviously avoided the impact on the short side, but we also on the long side. What happens, a lot of hedge funds had to sell long positions. Yes Get out of the, to fund their short positions. We took advantage of that, and we were able to pick up and build a position in something relatively new, as it sold off rapidly on no fundamental news, but just based on flows that were happening in the market. With our cash balance and the way we sit today, we'll be very opportunistic and take advantage of market volatility like that. Yeah. We're also able to reduce the weight in one of our positions that really has gone up many times. It had a 50% boom in January. We were able to sell a lot of that position down. It's not usually what we do, but to see a business that already had a substantial share price move 50% on really no fundamentals. We want to buy and hold, but we're not going to buy and hold forever if we're given an opportunity like that. It's since come back substantially, and it's a position that we'll be nimble on. As we said in our letter, this remains a highly speculative environment, and we want to be cautious, and we want to be relatively nimble. I don't know if we should move on. Yeah. This question probably follows on as well. VG1 and VG8 invested more of their cash in 2020. Do you feel like they're now more fully deployed, or are you planning to invest more cash going forward? VG1 invested more cash to get up to really where the other, where we were in our fund. I probably have been too cautious in investing VG1 since inception. That's my fault, the degree of cautiousness. We were able to purchase more Amazon, Mastercard, major positions in the sell-off. That was maybe the increase, was to bring it up to where the other accounts were, to get set. In terms of over the last six months, we've put some more money to work. We've sold some positions. We've bought some positions. More lately, we were able to take advantage, as you said, in January, and we bought a position and something that came to something else. VG1, we've got the capacity to execute, and when we see opportunities, we will. Are we fully deployed? Well, we've got the capacity to get far more invested than we are. It's just a function of what opportunities present themselves. VG8, different story. VG8 started really only late in 2019, was 100% cash, was only just listed. We were cautious going into 2020, and that proved to be due to trade war and a variety of other factors, and that proved to be a reasonable strategy in the sell-off in, certainly, it happened earlier in Asia in February. March, we were able to build some positions. Again, too cautious, but we were able to accelerate a number of holdings. We bought Crown, Star, a couple of other positions, a number of luxury good groups we were able to buy, added to Richemont, a variety of other situations. What we saw really in August, September, October in parts of Asia was some stocks were selling off that we liked, and we've been able to build those holdings. Also having cash, we were able to make a very large commitment to the IPO of Newegg. We bought that position pre-IPO, it was a pre-IPO commitment, and we were able to, by having cash, to make a very substantial commitment for the Asian fund. That bode very well for the Asian portfolio. I think we were able to put a substantial weight in at cost. That Newegg share price, just for reference, is up over 100%. It's a very high-quality business. It's a business that we think has very good growth prospects and secular growth profile. When you have cash and the ability to execute and move quickly, you can take advantage of opportunities. I hope that touches on it. I might add on that, a question we quite often get is, does VG1 now replicate the Master fund? The answer to that is yes. Yes. That was a while ago. Yeah. As a result of 2020, they now replicate each other, yeah. Next question here. VG1 and VGA are both still trading at a discount to NTA. How is VGI Partners planning to increase the share price of these funds? Well, we can't increase the share price. What we can focus on is performance and our core mission as the manager is to deliver a return. We want to focus on performance, and we're all investors in these funds, VG1 and VGA, substantial investors. We want to focus on return. We want to focus on the return compound growth of our capital. It's a bit like saying if we're the manager of a property, how do we push the price of the property up? That will happen due to us maintaining it and doing a good job, having a good tenant profile. That's the analogy to think of. What we can do is obviously continue to focus on marketing and the sale of it, which is what we have an investor relations team for. We're looking to get some more people to help us do that. We were very close to making a decision end of last year, we've decided to continue the process. We'd rather take a little bit longer to get the right person. We don't want to rush. We have a lot of interest. We're just taking our time. We want to get the right people. We've got a very capable team here. We're just very focused on getting the right people who can deliver a good outcome over time. I think the key is continuing to communicate, continue to talk about what we're doing, focus on returns, focus on fully franked dividends, particularly for VG8, try and pay a dividend for VG8 as soon as practically possible. Not just pay a dividend that's one-off, pay dividends that can grow and accelerate over time, that are fully franked. Because if you're an Australian taxpayer, you don't want unfranked dividends. You want fully franked dividends. I think the other point is, again, trying to highlight to people that we have an absolute return strategy. In March, our two funds delivered positive returns. NTAs were up, and there are not many firms that delivered positive returns in March of 2020. We had a couple of months after that of errors that I made. The second half for each of those funds has shown substantial improvement, and it's up to people to make a decision on whether this is the kind of strategy that makes sense to them. We've got to try and explain to people that you can buy these portfolios, you can see the top 10 holdings, you can buy these portfolios now at a meaningful discount to what you buy the shares in the market at. That's one way that we need to get across to people. You get to buy a portfolio that's got nearly 14%-15% in Amazon, 10% in Mastercard, 8%-9% in Pinterest. You get to buy that at a 15%, 16%, 17% discount, depending on the day. It was 10%. Hopefully the more people who see that and realize that you've got also a management team that's aligned with you, which is, again, there are some managers like that, but not many. We can hopefully convince people that we had a premium and that we certainly deserve, over time, to narrow that discount and perhaps one day be back to a premium again. In which case, anyone who buys the shares today is going to have a turbo-charged return. I'm probably taking too long to answer that. Let's go to the next one. Give me something that's a bit easier. Amazon is your largest holding. What impact does Jeff Bezos stepping down have on thesis? I'm not sure that's easier, Jeff Bezos stepping down. Well, look, he was the founder of Amazon. He's obviously an exceptional business baron. Warren Buffett's even said that Jeff Bezos is somebody who he thinks is a Six Sigma event and an extraordinary manager. Bezos is handing over to effectively an original employee of the company, an executive who started the AWS business and has grown that business. Let's be clear, if AWS was separately listed, it'd be one of the biggest businesses on the planet, right? The new CEO is clearly an exceptional executive, the most trusted lieutenant of Jeff Bezos. Jeff Bezos is not leaving to go and pursue some other interest or do something else. He's remaining Executive Chairman. I would largely speculate that Jeff Bezos has effectively been the executive chairman for many years now with a key group of people effectively running the organization. The key for Amazon is to realize that many years ago, it's no longer just an e-commerce business, it's a series of businesses. He's really effectively running a bit of a conglomerate, a bit like Buffett wasn't running a conglomerate. Bezos was the chairman, effectively, of a conglomerate. He's got his e-commerce business, he's got his web services business, and he actually has now one of the biggest advertising businesses on the planet. If it was separately listed, it'd be one of the largest companies on the S&P 500. I would say this transition's been going on now for a number of years. It's formalized. I think it's probably why they had an extraordinary fourth quarter result, even exceeded our expectations. Why the share price was down overnight was really about the Bezos effect. It shows you how the perception is. The reality of it is that the business is in extraordinary fine form. It's had a massive accelerant over the last 12 months, massive pull forward, and it's clearly morphing into three key major divisions: e-commerce, web services, gaming. Sorry, advertising. I'm going to say the fourth point, which is gaming, which is I'm going to say the new fourth vertical, which people will probably increasingly start to value over time. I don't know, we should probably go to the next question. I hope that answers it. I think covers it, yeah. Should VG1 and VG8 consider restructuring to close the discount? Look, the immediate answer to that is no. Look, I can understand the discount's an issue for an original investor or someone who's perhaps bought at less than a discount or even at a premium. We're very focused on it. I think I've covered how we want to address that, which is we want to continue to perform and we want to continue our program of engaging with shareholders and our investor relations team and BDMs selling what we do to investors and highlighting you can buy two very high-quality portfolios, our global and Asian portfolio, with meaningful discounts to the last share price. If you want to go buy Amazon, well, you can buy Amazon 15% portfolio with Amazon in it at a 15, 16% discount. That's something that we need to continue to highlight and articulate. With an aligned manager and someone who continues to invest into VG1 and VG8. That's an unusual offering and we need to continue to market that. The answer to that is no, though. To the next question. VG8 has a large position in Nuix. Can you tell us a bit more about the investment? Does this mean you're looking at trading IPOs? Well, look, I'm going to give a quick answer. That is, no, we're not looking to trade IPOs. Look, I'm going to hand that over to you, Marco. Yeah, sure. On IPOs, I think we've been very selective. We're not trading IPOs. We're looking for, again, high-quality businesses. In this environment, there's a lot of good businesses IPO-ing, but also a lot of elevated valuations. No, we're not trading IPOs. Look, on Nuix, look, Nuix is, just to give you a bit of background on the business, it's essentially a software business that's involved in investigative and analytics, and intelligence. What it's used for is extracting data and insights, so manipulating structured and unstructured data. What does that mean? It's used by. Law enforcement agencies or law firms who need to manipulate vast amounts of data, whether that's photos, texts, emails. The core technology that Nuix has is the processing engine that's patented and clearly best in class. We've conducted a number of channel checks and spoken to customers who all say that the Nuix engine, there's no real alternative out there when it comes to the engine. What's interesting now is that on top of the back-end software, they're also integrating with a front-end software solution, so that if you're a lawyer or the FBI, you can not only use the software on the back-end to process the data, but also use it to present and interpret the data, which we think is a highly logical combination of the two use cases. Really, what we're excited about Nuix is whether they can expand use cases. Today, as we just said to you, primarily, the law firms and law enforcement agencies, but there's increased demand for risk compliance, governance. We think they're primed to benefit from that whole shift from corporates adopting more of that software. In fact, we've seen a number of high-profile customers, for instance, like Uber or Tesla, using some of their Nuix technology. We think as the Nuix software can expand its use cases and new verticals, and get more usage directly from the corporates, we think that can really underpin the long-term growth. We're excited about the long-term opportunity. Being a software business, we think the long-term margins can really flex as they scale. We think that it's an attractive business and an attractive investment for us. Right. Thanks, Marco. For your recent investments, were there any particular regions or sectors where you have found some opportunities? Oh, it's a pretty broad question. Well, look, we're stock pickers, and look, we obviously work on thematics, and that's something that I think you could probably see in perhaps what follows. We've talked about it before. We've talked about electronic payments and the shift from cash to cashless. Obviously, we do a lot of work on that, Tom. Rob's done a lot of work on that before. Maybe that's an area that we can talk about. It's obviously something part of the Mastercard dynamic. There are obviously other ways to play it. We've looked at ways to get exposure to that in Asia, that both you and Marco have looked at those situations. I don't know, maybe talk a little bit about, Shailesh, electronic payments or that sort of shift and maybe Marco, you can talk about. We've talked about gaming before as a thematic. You talked about Nuix. Nuix is something that we've Part of the having a position in Palantir and another situation that we've been looking at, which is trying to focus on this shift to sifting through very highly structured data, analytics, intelligence, AI. That's another part of it. Look, we've got multiple overlays, but perhaps to keep it simple, a big one we've talked about before, which is payments and maybe gaming. Just as Rob said, we've invested alongside digitization of payments for a long time. There's been a secular trend as we've shifted from cash transactions to digital transactions. As we've said in past letters and on calls, that still 80% of global payments are done through cash transactions. There's a long runway of growth, even though it feels like in a lot of developed markets, we're getting into the latter stages of digitized payments. There is still this very long runway. In terms of maybe what talk about this year and the impact of COVID, obviously for the payments companies, the digital payments companies, it's been a big headwind because consumer spending is down. What we've actually seen in a lot of markets is an accelerated shift to digital payments. Mastercard reported this week and actually said that in 80 markets, they've seen an increase in the limit on the value of tap payments. That's a big boost to tap payments. You can either increase the limit from, say, AUD 50- AUD 100. More and more transactions go over tap. We've seen in Australia what that does to digitization of payments. When you make more and more transactions on tap, you lower the friction and you see more take-up. That's a big tailwind. As a result of that, now what they're seeing is two-thirds of payments outside of the U.S. are actually physical personal payments are actually made by tap payments. There's these long-term tailwinds that are taking place. We still think even if in the U.S. tap adoption is still at the early stages. The take-up is still low single digits in terms of the volume of payments which are actually transacted through tap. They're rolling out cards rapidly. On their call, the 300 million cards have actually been deployed, which are contactless in the U.S. We think we're on the fringes of that adoption in the U.S., which we think will drive an incremental acceleration in digital payment volumes. Which will be very material for Visa and Mastercard, might add a couple of extra percentage points of growth for those businesses. As Rob said, our exposure in the portfolio in global, we have our second-largest position is Mastercard, which is a clear and direct beneficiary. Then in Asia, we have a position which we've been building. We haven't disclosed yet, we have found an attractive investment in the payment space, which we've been allocating to and building recently. We'll continue to look for more opportunities in the space and see it as a long-term secular winner. Not sure if you want to talk about gaming. I can mention gaming very quickly, and I think we've talked about it before. Gaming's obviously been accelerated by COVID, but it's really been a trend that's been going for a number of years now. It's capturing an increasing amount of the attention and time. We think interactive entertainment, which gaming is a key component of interactive entertainment, is the leading format of media consumption, really. It's so much more engaging than just linear TV. That's really where the attention market share is coming from. It's shifting from whether linear TV or even streaming. A lot of these gaming companies talk about their key competitor being Netflix because it's really that competition for attention. We think that it's going to continue to capture more time, but they're going to monetize. The monetization model has really changed over the last few years, where it's becoming more micro transactions and recurring. We think it's becoming a very attractive and interesting business model. All we have to look at, for example, is a company called Roblox, which is IPO-ing in the U.S. It's been recently valued at $30 billion, and it's user-generated gaming content. It's not just a single game that's a flash in the pan. It's thousands of games, and young people in the U.S. are spending two to three hours a day on Roblox. Which is a massive shift in behavior. We think gaming is a very attractive sector to be exposed to. How have we reflected that in the portfolio? In Asia, in VG8, Nintendo's our biggest position. We think they're very well placed, some of the best IP in gaming and very early in the transition to digital. In global, as Rob mentioned, we've got Amazon, which has a big gaming business, the leading video game streaming provider in Twitch, which we think has a very long runway. Also we've got a smaller position, decent size, but not in the top 10 in another gaming business that we haven't disclosed. We are actively looking at some of the other businesses in the gaming sector. Some of the recent sell-offs, we're paying close attention to them. Yeah, I think obviously in gaming, we're looking at gaming. I guess they're two thematics. Yeah. Yeah, we've gone past an hour. We're happy to keep going. There's a bunch of questions still, we know, and we can't answer all of them. We'll keep going through them. This is probably related to my third year. Do you still see upside in Amazon and Mastercard from here? Well, look, we don't want to talk about upside, talking about share prices and targets and things like that. I think we want to avoid those kinds of conversations. If we continue to own something in a large way, we by definition think that it's going to be a good long-term investment, and we're going to get a good return on our capital. What does that mean? Well, we think we can generate an internal rate of return out of those positions that meets our compound criteria. By inference, you can say, "Well, yes, we think that there's upside." If we own something, we think there's upside. We're not holding it because we think there's downside. That's what we have the short on for. I don't know. Look, Rob, I don't know if you perhaps have a quick chat on Amazon and then do a quick. Yeah. We've already touched on it. Look, I mean, just quickly on Amazon, yes, it's obviously a very large company, but I think the core thing to remember on Amazon is that the markets that they've penetrated. If you look at online retail and let's take U.S. online retail, because that's where they're the highest penetrated. There's still a single-digit share of that retail market. Yes, it's a large business, but we're still we think relatively early on in terms of penetration. Actually, we were going through the result they reported yesterday, and one thing we were talking about yesterday was quite interesting was when we first initiated the Amazon position was back in 2014. Looking at the holiday sales, the fourth quarter sales that year was around $15 billion in North America in terms of retail sales. The growth was actually slowing at the time and slowed to roughly mid-single digits. At the time, there was a lot of concern that Amazon was penetrated in the U.S. and that they were close to their limit in terms of retail sales in the U.S. Fast-forward that to the result yesterday, and they did $75 billion in the U.S. in retail in the quarter, which was a five-time increase and growing at about 40%. It's easy, I think, to look at these large numbers and question how much further can it grow? I think, the more important question is, well, what is the size of the addressable market that they're going after? That point is equally, if not more relevant on the AWS side. We think that cloud computing market, that infrastructure market's probably a $1 trillion market longer term. With that in mind, AWS is low, maybe mid-single digits penetrated. Yes, it's a large business. Yes, these are large revenue pools, but the markets that they're going after are just enormous. Maybe. I'll be very quick, yeah, on Mastercard. Obviously, we just discussed the secular growth that we think is still there in Mastercard. Our view is that in core payments that will result in double-digit revenue growth, then as that drops through because the operating leverage and some of the buybacks they're doing could be low teens to mid-teens EPS growth. It's an attractive compounder. In addition, something that's probably been accelerated because of COVID is the monetization of different payments flows. B2B payments is the biggest part of that. These additional flows, particularly in the U.S., they have four times the addressable market of personal consumption expenditure. This is something that Mastercard's, it's very early days, Mastercard are getting into it. You can't see it in the earnings today. Mastercard are very well-positioned, particularly in real-time payments, where they're the clear leader. We think the core business is very high quality and attractive compound growth, but there's also the additional option value, which is buried within the business as well. Right. Let's skip to VGA. Hong Kong Exchange's share price is up a lot. What's driven that? Have you sold any? Well, we're not going to comment on buying and selling situations, but it's still a top 10 holding, in the VGA, roughly about a 5% holding. It's performed very strongly. What's driving it? Well, let's go back to what the business is. Hong Kong Exchange. We're also in Japan Exchange, which has been a decent performer as well. Hong Kong Exchange, as the name would suggest, is the monopoly operator of the cash equity exchange and derivatives exchange of Hong Kong. There is no competition. There's no alternative platform. It therefore is a highly profitable, highly good credit business. It's run by an exceptional management team, who have done a terrific job since the demutualization of the exchange well over a decade ago, more than 15 years ago now. We were able to buy our position in end of 2019 and then bought more, as it sold off in 2020. The driver of it has been, as is the driver of, I guess, most processing engines, and this is, an exchange is a processing engine and, as it moves away from a floor environment to a screen environment, completely digital processing engine, and maybe like the same as a Mastercard or a Visa, it's a processing engine. It's driven by volume. The trading volumes, in particular for cash equities, have been extraordinary in the Asian region. It's accelerated, particularly in Hong Kong due to a variety of factors. It's driven by foreign flow that is going to Hong Kong and through the structure that exists now between Hong Kong and the Mainland. People who wish to buy Chinese mainland securities, Hong Kong is China, but Chinese mainland securities, go through the Hong Kong Stock Exchange and there is facilitation through its northbound structure. Chinese individuals who wish to then purchase Hong Kong securities can do it through the southbound structure. Those volumes, to try and put it in context last year, were about 100%. They're continuing to grow now in January, and maybe this is what the question, yeah, but what's happened recently, well, the volumes in January are growing 100%. Not just on last year, but on December, and they're continuing to grow. It's clearly very positive for the business. It's an extraordinary growth rate. It's all dropped through, so it's a bit like the Chicago Mercantile Exchange we have in Global Fund. Every incremental unit is largely drops to pure profit because of the incremental cost, the frictional cost of the processing is close to zero because it's a digital engine. To turbocharge that, you've got this U.S.-China trade war, then these restrictions put on Chinese companies and this delisting phenomena where Chinese corporates are delisting from America. Where are they choosing to relist? Hong Kong Stock Exchange. You put all that together and as Charlie Munger would say, you get a lollapalooza effect. You get this very powerful effect in what is already an extraordinary business. There you go. That's it. It answers the question. The decision to hedge the currency in mid-2020 has worked so far. How are you thinking about the currency now? Well, it sort of worked, but yeah. Would have preferred to have hedged it in March. We did a little, not enough, which is part of the hedging gap. Yeah, we hedged it. I think average price was AUD 0.68 or AUD 0.69. We've been very negative on the Aussie dollar for a number of years, really from parity. It's been a turbocharger to the fund returns, certain global fund return. For the Asian fund, we were long US dollars and yen, I should say, where both funds, to be clear now, are fully hedged to AUD. It's much harder to be negative on the Australian dollar at the moment. We've got this position on for the time being. You're seeing central banks now try to out-compete each other on effectively driving the short-term cash rate to zero, with the real rate largely being negative because inflation is there at least 1% or 2% or whatever percent you may think it is. Therefore, with the cash rate at zero, you've got negative real rates. In terms of Australia, it certainly looks like the central bank settings for Australia are likely to be positive for the Australian dollar. Being a commodity exporter at the moment is clearly positive. The trade war and the ongoing effects of the trade war are the negative and the elephant in the room. Look, we watch it very closely. It's based on fundamental analysis. Interest rate differentials really went out the window about nine months ago. It's largely now about directional GDP growth, recovery of economies. In a beggar-thy-neighbor central banking environment, it's very hard to have strong views on the Australian dollar for the time being. We are, though, very mindful that the Australian dollar is a risk-on currency. If there were to be any major market frictions or sell-offs, you would see the Australian dollar sharply come off. That is something to be very mindful of. For the time being, we're staying in our current positions, but that could change. As the facts change, we will change our mind. I can say that we'll keep investors informed, but at this stage, we remain fully hedged. I think we might just take another question or two. Sure. Yep. I know there's heaps there, but something easy, please. Maybe on dividends. Okay. Well, when is VG8 likely to pay a dividend? Seems to have a strong profit reserve. I've touched on this before. As soon as possible is the answer. As soon as possible. As soon as we have the capacity to pay fully franked dividends and pay a dividend that is sustainable, we will start. My family's one of the biggest shareholders of VG8. I want a fully franked dividend as soon as possible. I'd like it to be something that, as a shareholder, something that I can receive and I know I can count on going forward, and it will grow. Exactly what we did with VG1, as soon as possible. Just one more. All right. VGI Partners was buying VG1 and VG8 shares in December and January. I think that ceased over the last couple of weeks. Did VGI Partners hit a limit, or can they buy more? Look, the management company has substantial cash on its balance sheet. The management company started buying, they've been buying VGI shares on an ongoing basis and has had a restriction. VG1, there was a restriction. I think if you have a look at the exchange lodgments this morning, you'll see that VGI Partners commenced buying VG1 shares. These are two portfolios of high-quality securities, which we've disclosed the top 10. They're trading at meaningful discounts. It's an attractive purchase, and it's something that the board of VGI Partners will continue to review and assess. At this stage, VGI Partners has allocated some of its substantial cash reserves to buying what we think is an attractive dollar coin at a substantial discount. As the largest shareholder of VGI Partners, that's an attractive opportunity. If that helps answer the question. Is that fair? I think we should wrap it up. Okay. Yep. No problem. Yeah, look, there's still a lot of questions here, so if you haven't had your question answered and your details are there, our investor relations team will get back to you. Otherwise, please email the question through or give them a call, and we'll get back to you in due course with the answer to those questions. Do you have any comments to wrap up? No, not really. Look, it went a little bit over. We're happy to answer your questions. We can't answer all of them in this kind of forum. We know that there's a number we didn't get. I think Tom has been trying to get an assortment. If you've got a question you'd like answered, we want to answer your question, please contact Gemma, Ingrid, or Rachel. If they can't answer your question, either myself, Tom, Marco, or Rob Poiner will get back to you. We want you to feel involved. We want to answer your questions. Again, this kind of forum only allows so much. DRP election is 15th of February. Close of business, 15th of February. Please seek your own advice, make your own decision. Again, I just reiterate for my shareholding and certainly for the VGI Partners shareholding, I believe Tom, Marco, Rob, we've all spoken, and a number of the directors I've spoken with will be putting some DRP as well. Please fill that form out. The final point, if you haven't given us your contact details, if you're a shareholder of VG1 or VG8, if you haven't given us your contact details, we don't know who you are. If we don't know who you are, we can't add you to a list, we can't do any direct communication with you. If we don't know who you are and we don't know what your shareholding is, it's one of those circumstances where we just can't get connectivity with you. Please contact us. Let us know your details and in due course, once we can again, start organizing certain events and meetings. We know who you are and we know we're going to be in either Brisbane or Adelaide or Perth, we're obviously in Sydney, Melbourne. We can send out invitations to you and say that, "Please join us at this event." Anyway, thank you very much for your support. We're very grateful to have you as shareholders of both VG1 and VG8. Have a good day and we look forward to connecting with you soon. Thank you.