Douglas - without Tina Mueller

All,

Morale suffers when the seas are high and the captain is under deck. 

The news that Tina Mueller will be out of office for several months for “an operation” are certainly not good. The multitude of decisions that lie ahead would benefit from an active and present CEO.

However, it seems to us that she has built a trusted and well-working team around herself and the management team seem to be working off one vision. 

Thus we continue with our long position in the SSNs, the premise for which being essentially an achieved turnaround, the strong liquidity position, the durability of products and a certain lipstick effect in hard times.

Wolfgang