 Good day, fellow investors. Yesterday I was present at the Niche Master Fund investor conference and Peter Barklin, the head investment manager, did an amazing presentation at how we investors should look at Brexit. So I have the privilege to be here with him and I'm sure he'll explain it much better than me at how and what are the advantages or disadvantages, the risks and the opportunities to invest in this now Brexit environment. We have some slides, I'll put them in the video, so Peter will go through them and explain to us, okay, what is Brexit? What does the most important thing is we don't care about what will happen, we care about how we can, A, be protected, B, take advantage of the situation. So please, Peter, I'll give the word to you. Okay, thanks, Sven. So the thing about Brexit at this point, and I think it's important to mention that we're in the end of November 2018, we don't actually know, we have to first recognize, we don't actually know what will happen with Brexit. We even don't know if Britain will exit because there could be a second referendum, so the people of the future will know what ended up happening. If there is a Brexit, we don't know whether there will be a deal or not. If there's a deal, we don't know what the deal will be. And if there's no deal, then of course we know there will be no deal. But even then, we will not assume that a no deal relationship between Britain and the European Union will continue like that for all eternity, because there will then be some deals in the future. So we have to accept that's a lot we don't know. So the question we have to ask as investors is, what does that matter to our investments? Not only in the UK, but also investments on the continent of Europe that has effects to Britain. And I mean, we have kind of divided companies in four categories. But maybe first I should say, the companies that could suffer potentially, could suffer a lot, are obviously companies that are importers and exporters to and from Britain. That's obvious because if suddenly there are tariffs that were not there before and long customs delays, that has potential to be destructive. What would be an example of such a company? I mean, a continental company would be a Dutch exporter of bacon to Britain, a Danish exporter of bacon to Britain. Denmark and Holland has competed for that market for as long as anyone can remember. And of course, they could potentially be a hard hit. A British exporter of food products to Europe could be the same. But we don't know. We don't know that they will introduce those tariffs. But if they do, then that's the business that would be hit. The worst kind of business to be in probably would, and this is always brought out as an example, would be the auto industry, where components to a car can go back and forth between Britain and the continental Europe, Germany, for example, many times before it ends up as a final car. So that is something where you would be really wary. It should be noted that Britain has issued guarantees to the British automakers that they will compensate them for whatever losses they have. But who knows. That's all. So what we have done, our approach to Brexit is to look at our investments in Britain and make sure that we don't have any outright exporters or importers. Because there's just too uncertain. Then you have the businesses that are purely domestic businesses. That would be a business that makes its things in England, for example, in the UK, and sells them in the UK and don't have any international trade. The only way they would be affected would be indirectly. If Brexit leads to a recession, which I don't think it may have to, but it could. A recession can happen anytime. It will happen in any way. It may not be related. But I don't see why they otherwise would be affected too severely, because they are local businesses. But then very interestingly, we have international and multi-international, so global businesses. And they would be businesses with the headquarters in the UK, but with businesses organized as subsidiary businesses all around the world and also in Europe. And these days, I'm always using the example of intercontinental hotels, the world's largest hotel chain, that doesn't actually own any hotels except for six or so. But as all its business outside of Britain, so how are they going to be affected by Brexit with no deal, the worst case? And I cannot for the life of me see how it would do them any... I mean, it's not a declaration of war. It's not like British businesses are not allowed to invest in Germany and the United States and Italy. So they might actually have benefits from Britain being excluded from certain things in the European Union. For example, if at least to the British government needing to create better financial incentives for them to stay in Britain. So if you are up in that sector, so international businesses, businesses that have their cost base outside Britain and their cost base outside Britain, but happens to be headquartered in Britain and quoted on British stock exchange, I'm not concerned about them at all. And that's why we have quite a few businesses in our portfolio. So does this mean that for investors, if there is negative sentiment on the market, actually this Brexit could present an opportunity to buy cheaper? I think so. I think so. That's the one thing. I mean, investors myself included, we hate uncertainty. We hate having to think about things like Brexit, but we can't avoid that. And when we are certain, then we tend to go easy on investments. And that is of course the same as saying holding back on buying, and that leads to price falls. So yeah, you could very easily imagine that suddenly, as already has happened, the British pound has fallen by about 10, 11% since Brexit was the referendum was made. And so Britain is already on discount. So as a matter of fact, if you believe that there's absolutely no effect of Brexit, and I'm not advocating that, but if you did, then you would say Britain is already for sale at a 10% discount. But that discount may go to 20%. For the first few days after the referendum, it was deeper than 10%. So yes, it can lead to opportunities like that. And what is the market discounting? What do you think, are they discounting the uncertainty? Well, I think the market is strangely enough, as you see on one of the slides that you saw, the market is actually telling us that this will be harder on continental European companies than on British companies, because the last 12 months measured in US dollars just to get the same common currency. British stocks have fallen, but European stocks have fallen more, quite significantly more in fact. So if the market is telling us anything, it is that Europe, as the British call the European Union members, may suffer more than Britain itself. So if as investors, we always look, okay, this can happen, this can happen, this can happen. So actually, what can also happen is that the UK saves itself by getting out of Europe before, let's say Italy blows up or something. I mean, that's of course, there are. That's, you know, members of the press especially tends to see things very one-sidedly. So they would say Brexit is potentially a very big mess and very negative. And they're right, but they do forget that there are advantages, and there will be any country that left Europe would have advantages. There would also be disadvantages, but there are advantages. One of the advantages for Britain is that they save almost $9 billion a year, which is their net contribution to the European Union budget. So there are advantages like that. They will be able to, I mean, I don't want to get into political debates about whether immigration is good or not. I mean, immigrants myself, so it's hard for me to argue against it. But the British people seems to have voted that they want fewer immigrants. They will get fewer immigrants. So if they don't see that as an advantage, then all logic ends, you know. In terms of economic advantages, it should also be, and this is a very important point, I think, it should be remembered that the bad way of saying it is Britain runs a trade deficit with Europe. The good way of saying it is that Europe sells more products to Britain than Britain sells to Europe. That means that if Brussels insists on, say, 10% tariffs on everything, then they tariff themselves more than they tariff British people. So they end up losing more than the British people. But then, of course, politicians might say, but again, this is like almost warlike rhetoric, they say, yes, but you British people suffer more because you have fewer people to share the burden than we in Europe. We have more people to share the burden. So the burden per capita, the burden per person is smaller. Yes, that is true. But the actual biggest effect would be on the European Union. So how are you positioning yourself with your portfolio and your funds portfolio? Okay. We are making sure that we don't have any of these import-export business. So the high risk, let's say. The things that I think are the higher, the companies that really would be at risk if there is a no-deal Brexit, if they go back to what they call World Trade Organization rules, where they have to impose tariffs according to some tables that has already been prearranged or preagreed worldwide. So we make sure we don't have a single one of those companies. We have, I would say, two companies that are domestic British businesses. And one is actually our most successful investing in the life of the fund. It's called Games Workshop Group. And I simply cannot imagine selling it just because Britain might crash out, because it is such an amazing business. And the shares have more than quintuples since we bought them back in 2013. We had to sell many of them because they kept bouncing against our wall of 10%, which is how much we are allowed to own in one single come. So you would practically love that Brexit hits the market and those stocks go down so that you can buy more? I would buy some more, yes, absolutely. I would use the term love it, but I would take the pain with the profit. So you're practically focusing, avoiding this now that are really at risk from the uncertainty, which could be if the deal, if there is a good deal, could be actually benefiting from a deal. But that's not really what you do. You're not risking a lot to gain something. I don't think so. I don't like to risk. I mean, we have a rule, we don't take any risk at all, unless we get paid for it. If we take a risk, we want to know what risk we're taking. So we're not taking a risk just to take it. Don't forget though, Sven, there are so many other risks in the world to worry about the security situation in the Middle East, Iran, the trade war, rhetoric of war at least between the United States and China, and many other. So we have to worry about all of these, which is why I strongly believe that the best thing we can do because there will always be risks and uncertainties. But the best we can do is to invest in companies that are the least exposed to those risks. Because I'm not some oracle who can tell you what will happen next year. But what I can tell you is how I think our companies or to the degree to which they're vulnerable to things, to bad things happening. So practically, of course, nobody can tell what will happen next year. So nobody's an oracle, but you focus on your businesses, you focus on things you can check. I think that's an excellent topic for a special video, how to find great businesses, what do you do, how to separate them from other businesses. So we'll do that in a special video because I think that's what the audience wants. Thank you for this Brexit overview that I think is very different from what you hear in the media and the panic and the news selling and the fake news and the politicians and everything. So just a real perspective. Okay, this is the situation. This is how we can approach that situation. This is how we can manage the risk and always look at the opportunities. It's very nice. Thank you. Thank you.