Ian Lance

And actually, the history of the company is really good.

For about a decade, they'd grown their earnings very consistently.

They had very sensible lending policies.

They actually already had very good shareholder return policies.

So they were paying dividends, buying back stock, et cetera, et cetera.

You're almost sitting there scratching your head thinking, what am I missing here?

It turned out, actually, there wasn't.

There wasn't anything we were missing.

They had just become cheap by neglect.

We still hold them.

Obviously, we've taken a little bit of money out of them because they've done incredibly well.

We're starting to see value in the U.S., which will sort of potentially make you smile because I think we would probably agree that the U.S.

is a very expensive market.

But it's also a very big market and it's a very diverse market.

There are pockets of value in the US.

Laughably, in the US, small cap is sort of 0 to 10 billion and 10 billion to 20 billion.

That's called small cap in the US.

We've been finding value in that sort of area.

So again, tail end of last year, we bought a couple of energy companies.

One of them's called Devon Energy.