Hey what? First of all, let me stress that i am not comfortable with ARB's stretched price multiple and haven't been for quite a long time. I've never made a secret about that.
That said, i have owned the business for over 15 years, and have never in the past decided I'd lost or gained money because of a 6 month price movement. My feelings about this are not about to change.
If a valuation looks like BS to me, then that's because it looks like BS. That won't change because the future outcome turns out to be aligned with the valuation, especially when we are only talking about 6 months down the track. In any case, as i say, if that "research" was saying that ARB was overpriced, then I've already said, i agree. But that's hardly a news flash.
My point is that the quality of the research, regardless of whether it agrees with me or not, is such that i would not waste my time with it.
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