John comes back onto Inside The Rope to revisit COVID-19 and discuss the things that he believes Bronte Capital miscalculated at the beginning of the pandemic, along with what else they could have done better. He and David also discuss how society measures the risk vs reward benefit of returning to normal activities in light of COVID-19, along with how that is relevant from the perspective of investing in financial markets. John also highlights some of Bronte's latest investments, which John places all in the "value bucket". Over the last decade, John believes that most of the underperformance of value investing can be attributed to rapid changes such as the internet which have swept the world. Finally, John discusses Bronte's latest position in Tobacco, and whilst not shying away from the potential risks, he highlights the opportunities he believes it presents.