Q: Flutter's price has dropped about $100 US$ since it initiated its 5 billion share buyback program. What do you see the price movement of the stock over the next one to three years? Many thanks.

Q: Any particular reason for the underperformance?

Q: In the past I have not been a buy and hold investor in commodities. I try to purchase cyclical stocks when they are out of favour and sell when I have made some money with the thought that they will eventually be "on sale" again in the future to buy back in. I have been patient and have held CS, Teck,B, HBM and LUN for a few years and have done really well on them all, especially recently. Is it time to cash in and be thankful for the gains or is the underlying demand for copper (and other materials) strong enough to continue this outperformance. Hold, Sell or buy more? Curious what you would be doing in this case.

Second question - Flutter took a hit because of investor concerns over competition from the prediction market platform Kalshi. Is this a serious threat to Flutter or is the market big enough for all? Are you still as bullish on FLUT as you used to be? Stock has teased us with some nice runs up but seems to fall back.

Thanks for all you do, couldn't be happier.

Scott