 Good day, Phil Investors. So on this channel we have spoken a few times about Gatsprom, it is a portfolio holding of mine and it did really well over this year. It's up about 60 something percent plus a 10% dividend on my initial investment, so I'm up 70%. And in this video, I really want to give you an overview of how I approach this, why I didn't sell. I'm still long at Gatsprom and it will show you, give you also an insight of what does it mean to really invest in something, follow it carefully, adjust your models depending on what are the news, what are the decisions of the management, what are the actions of the management and how that impacts your long-term investing, let's say strategy. You see all those stocks go up like Amazon a hundred times, but very few held Amazon since 2002. And therefore you have to be very careful, always compare with other things in your portfolio and then make a decision. So this is a video September 2019 that I'm making about Gatsprom and then you will see how that fits you, how I do investing and see how that fits your, let's say your personal financial requirements. Let's start with Gatsprom. So the stock is up significantly, it really spiked when the company decided to pay a higher dividend. They doubled the dividend since last year because they are done with the CapEx cycle, which was the biggest risk. The biggest risk was that they will continue to spend money on crazy investments, on capital investments that are not profitable. Well, the company clearly shifted on that and this is the main change that has happened. Also in the financial presentation in July, June, I think 20th of June, the company's management clearly said that they are changing and they are reaching the target level, which is by law in Russia for government-owned companies, that they want to pay out 30% of profits in dividends. If they pay out 30% of profits in dividends, so this is the profits, 47 rubles this six months, so it will go higher probably to 70-80 rubles this year if things continue like this. And if that happens 60-70, that's a dividend of 40-32 rubles, that's 50 cents, an EDR is two stocks, so that is about $1 in dividends on the price of $7. So that is what's going on on the current situation and what will probably happen. The market usually only reacts after the decision has been made, as you can see in the jump here, not prior. So I'm still sitting here prior to the market reacting when this decision is that they will pay a double the current dividend, quadruple the dividend from January, the stock will probably also double or go up 70% like it did recently. So that is the investment thesis, the change in the management's attitude, the financing, the goal of the Russian government to really get this as an ATM machine through dividends is what changed also the risk-reward perspective. Even if the stock is higher, I am still holding in my portfolios both my lump sum and model portfolio, you can check them in my stock market research platform and that is practically the story. There is always the risks, the risks Nord Stream is the biggest risk that is mentioned in the media, but if we look at key gas investments for Gazprom, we look how they are skewed towards Asia, not so much towards Europe, even if demand for gas in Europe is still growing, Gazprom is exporting, we just don't know through which pipeline the company will do that. And then also over on top of the dividend, higher dividend, they will probably go grow 25% over the next years, adding 120 billion on the current 500 billion in production of gas, I think it's billion, I don't know, they produce so much. So on top of the low-cost production, you never know what will happen to gas prices that are always volatile. If those go up from the recent levels over the last let's say 10 years, those go up to the beginning 2000s, then that will be another huge positive for Gazprom. So that's my story. I'm going to hold for another few years. If that dividend once reaches doubles, the market will always project what happens into the future, the stock will double. So I have a dividend of now, I think it is 7% now might grow higher to 15% on the current level, plus the potential that the stock goes up. There is a clear shift in the management's attitude towards they are doing, finished Kipex cycle, a lot happened over Gazprom since I bought, a lot of positive developments and those positive developments is something that changes the risk reward of what you are investing in. Thank you for watching, looking forward to your comments. What do you think? Are you still holding? Did you buy? Are you thinking of buying? Let me know in the comments and I'll see you in the next video. Don't forget to subscribe, click that notification bell as we do a lot of videos here so you don't miss the videos that really matter for you and check my stock market research platform for in-depth analysis of companies like Gazprom and many others that I hold in my portfolios. See you in the next video.