Another year down. Our 24^th. We survived. I guess it’s hard for some newsletter writers, journalists and commentators to constantly work under deadlines, deadlines that constantly renew the moment they are met. I admire you all, I admire my competitors (the good ones). You are a tough lot doing that all year. But luckily, Henry and I love what we do, and the idea that we can have a successful business whilst doing what we love is quite amazing. We have our motto - “Building a Community of Better Investors”. Any newsletter could come up with that, and there are better mottos that would resonate more effectively, I’m sure. But they don’t mean much unless they are true. We have done our best to achieve ours. It’s a bit like the AIA motto, “Investors helping investors”. That’s true for the AIA, and serving a community of people that just want a bit of help, information, education and entertainment whilst managing their own investments is true for Henry and I. There is nothing Henry and I love more than an email from an interested Marcus Today Member. Henry sees it from a personal point of view, I see the commercial logic, every email sent, every query answered, every golf day or education course attended cements a Member as a Member. And it shows up in the numbers. Anyone in this game will tell you, “Subscriptions are nothing, re-subscriptions are everything”. Every month this year we have achieved an over 80% re-subscription rate. 85% most months, and some months over 90%. Is that a “Community”, I think so, are we all “Better Investors”, I hope so. I loved one Testimonial we got last year saying, “Loving Marcus Today, its education by osmosis”.  Thank you for that phrase. We’ve used it. It has been a privilege and a pleasure for us to “paint with words” and hopefully serve you in the process once again. And what a fabulous subject matter. Constantly changing, constantly intellectual, constantly challenging. We are no gurus, we don’t know for sure, but we don’t pretend to. I just hope that through our efforts, experience and endeavour we have helped to narrow the odds in your favour just a little bit more. And that is the best that we can do. It has been an interesting year for the business. We tried a few things this year, with little success, it has to be said. We turned up the social media, we employed a bit of software that automates emails, we tried to turn the phones off because they weren’t commercial, and we targeted a different demographic. All to no avail. The truth is that we are all too human, too empathetic, too personal to have our relationships automated’, and what sort of relationship can you have if you start out being treated like a “Mark” - relentlessly pursued the moment you donate your email address or mobile number to a predatorial product seller. Not for us, and not for you. The personal touch has worked for 24 years, so why change now? Technology be damned. (OK, so you might get the odd automated email and some great more social media). Next year is unknown. As always. I am hoping for a "New bull market". My wish in 2021 was for a “Quiet bull market”. Maybe this year. Who knows? But whatever happens, I’ll make you this promise. We’ll be vigilant on your behalf every day, and we’ll do the best any of us can do, which is to wake up every morning making decisions based on fact rather than predictions based on guesswork. Finally, let me thank you not just for your money this year, your subscriptions and re-subscriptions, but for your emails and phone calls, your questions and your contributions, your attendance at our golf day and your attendance at our Education seminars. 2023 is another year. We have no choice, which is good, but to enjoy it. Otherwise, what's the point? Have a great Christmas. Matt and I will be on MARCUS LITE over the next two weeks and Henry and I will see you back here in full on January 9^th. Thank you again. Henry and I and the Team wish you and your families a Very Happy New Year.