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Myself and Nik will be around next week but I'll be away for a few days before Xmas to recharge the batteries before the madness starts Just wanted to say we at Cobens wish you all a very happy holidays. Here's to a productive 2026.

Hi JQ74, Ive discussed how markets move when uncertainty flares up and how quality rebounds. I would say that there hasn't been a noticeable dip and YTD overall we are doing very well. Nearly all other external portfolios im looking at are red and most of ours are positive. On communication, unless we have a specific need to contact you we generally don't, rather, relying on any Direct Clients to use the forum, the dashboard and contact us if they need assistance, guidance etc. No one can say what the market will do day to day however over decades when wars start, volatility increases for a period. As mentioned we have, so far been relatively unscathed. This is due in part to the USD which is seen as secure in uncertain times. I can also say with confidence that the businesses we invest in are largely unaffected notwithstanding longer term impacts from inflation and energy costs if the situation persists but even so that would be very small. It would be a concern if we held hospitality or infrastructure assets in the Gulf-we dont have any exposure. If you want to discuss anything I'm happy to set up a call, alternatively you can email us: support@cobensdirect.co.uk Regards Adam

Here are the notes from teh investor meeting today: Fundamental Shift: From Price-per-Bit to Price-per-BandwidthThis was the standout insight shared by Micron’s management.The memory industry is moving away from the traditional focus on price-per-bit (how many bits are sold and whether the price per bit rises or falls). In the AI era, especially with HBM (High Bandwidth Memory) and high-performance DRAM, customers now evaluate memory primarily on price-per-bandwidth — i.e., how much data per second can be delivered to the GPU. While price-per-bit may rise in 2026, price-per-bandwidth is expected to decline because newer products deliver significantly higher performance. This allows Micron to increase average selling prices (ASPs) while customers perceive better price-performance and improved total cost of ownership (TCO). Implication: Stronger pricing power, structurally higher gross margins, and a break from the old cyclical pattern where rising bit supply led to margin collapse. HBM and AI DRAM are now integral to overall GPU system performance rather than just capacity. Multi-Year AI Memory SupercycleCantor Fitzgerald reiterated its Overweight rating on Micron ($MU) and maintained it as a Top Pick, with a Street-high price target of $700. Strong conviction in a multi-year AI-driven memory supercycle, despite broader market skepticism. Key drivers include explosive HBM demand linked to NVIDIA platforms (including mass production of HBM4 for the upcoming Vera Rubin GPU)(remember the rumour they were excluded), rising memory content per server, and scaling AI inference workloads (more users and tokens require more bandwidth). Supply and Capacity Outlook-Micron’s 2026 capacity is fully sold out. DRAM supply is expected to remain tight through at least calendar year 2027, with the first meaningful market balance not anticipated until 2028. Micron is well positioned to gain share as a credible dual-source supplier (alongside dominant SK Hynix) for high-value HBM. Capital Returns Management expects very aggressive share buybacks to commence in December 2026, supported by strong cash flow generation. Geopolitical and Supply Chain Resilience-No material impact is expected from the war in Iran or related disruptions. Micron’s supply chain for critical inputs (helium, LNG, and other raw materials) is more domestic/U.S.-centric than that of its Korean competitors, providing a relative advantage. Overall Tone from ManagementMicron emphasised the secular and durable(we said this 6 months ago) nature of AI-driven memory demand, evolving customer relationships (including more structured supply agreements), and how its high-value memory roadmaps directly enable more advanced AI capabilities. The company is positioning itself as moving beyond a traditional cyclical memory player toward a key AI infrastructure enabler with sustainably higher margins.(and why not, if Nvidia command 75+ gm so can Micron). It sounds extremely positive to me. Management will always be err on the conservative side but what they are saying is blue sky for 2 years-as far as they can see with everything sold out despite aggressive Capex and growing supply as fast as humanly possible. The stock is up 20% from yesterday's lows. I wonder how those sellers feel today

Try this [image: 1773073791510-screenshot-2026-03-09-at-16.29.26.png]

A shame you can’t ’back-date’ your ISA contributions, but at least a reminder to fill them now & moving forwards

@n5tew Good morning, to answer your questions, yes there are a handful of lenders that still offer offset mortgages, though they’re relatively niche now. With these, you only pay interest on your mortgage minus what’s in a linked savings account, which can significantly reduce your interest costs if you hold a large savings balance. There are indeed fixed rate products although they will tend to be notably higher than your conventional fixed rate products. If you would like to discuss this in further detail, please let me know, my email is michael.searle@cobens.co.uk, or we can arrange a meeting to dive into specifics.

Apologies Mike, the Quai/IM processing on this has been poor. I'll chase it up with them today