Time flies and it is time for another quarterly update. Before I start on the update proper, I just want to say a few words about Wilmar International. I received a few comments from readers on Wilmar and they asked if I had any updates on the business. Some would like to know whether it is a good time to add to our investment in Wilmar. Wilmar remains deeply undervalued and my past analyses are still valid. Value is easy to see but where stock prices would go is much harder. In terms of valuation, buying Wilmar today is inexpensive. However, cheap could get cheaper and since I already have a significant investment in Wilmar, I do not feel any urgency to buy more. I am simply waiting and if the stock price hits $3 a share, I would buy more. That is an important support level and it is also where insiders typically add to their positions....