old report but worth reading, page-2

Certainly interesting how such a negative report now becomes a big positive - suggesting 4x upside from here by December 08 assuming increased US rates, the big-earning management business if worthless, and a $200m writedown for issues with CER. The interest rate increase has played out and I suppose you could include the $200m writedown, but the huge management business more than makes up for these.

Maybe a $1.50 target is more realistic.

Can't see it happening this quarter though - maybe by end of year if economic data improves.