'Balance has vanished'

Four themes

Preliminary results

On garden leave until 13 August

‘People latch onto those few examples’

Biggest drawdown of -43.8%

‘No single definition’

Investors have encountered experienced several periods of severe market turbulence since the global financial crisis – most notably the European sovereign wealth crisis, the ‘taper tantrum’, and the initial stages of the Covid-19 pandemic.

'Cause for optimism'

Commence with liquidation afterwards