Dear James Thank you for taking the time to listen to the podcast and providing your comments above. We appreciate the feedback and welcome any engagement from the investor community. Whilst taking on-board your comments, we believe there is significant risk in the earnings forecasts which will impact valuations and dividend yields. We also believe that comparing dividend yields to bond yields at this point in the cycle is a dangerous strategy; QE and regulated capital requirements continues to drive “risk-free” yields lower. However hurdle rates for common sense investments are significantly higher than the current “risk-free” perceptions. K2 Asset Management has a 20 year track record of providing absolute returns and is not benchmarked to an index. The K2 Australian Absolute Return Fund has achieved a 10.5% pa net return since inception.