Ian Lance

And actually, we think that they can do better than just stabilise the earnings.

So at the moment, the market doesn't agree with us.

So we will see.

Well, not yet.

Not yet.

No, but eventually.

Yeah, although funnily enough, actually, I wouldn't say that there was a – that's not really a sort of recovery story.

I think that it's just a situation where within healthcare, the market just became very, very negative on healthcare companies.

And actually, you know, these are reasonably good companies.

They're not uber-growth companies, but, you know, they can normally knock out sort of 5% or so earnings growth.

And that's absolutely the case with GSK.

Their record in terms of new drug discovery has not been fantastic over the last few years.

But, you know, there are some very good businesses within the company.

And yet it just got down to a very, very low multiple.

So and actually in the last year or so, actually, the stock has begun to re-rape, hence again why it's ended up in the top 10.

You know, you mentioned at the start that the trust is up sort of, I think, 240% or something since we took it over.

It's on a P of less than 10%.

today, which is amazing, isn't it?

You think, oh, that almost sounds impossible, doesn't it?

And of course, that's, I suppose, the good thing about being a value investor is you rotate around the market to where the value is.