I know value when I see it, but also I’m not always right either. so I’m prepared to buy at risk. That’s always the fun part of investing. I can see a value argument for just under $16, but the reality is it should be a lot less. I’m backing my gut feelings here, even though yes this is very difficult to predict. But from one episode in China 5 months ago to now 2 million cases world wide, we are likely to see modified trading conditions for 2 years, normalcy maybe 3-5 years. Probably the greatest recession in my lifetime. Bigger picture, write downs, CR’s and cancelled dividends changes the horizon. Leveraged investors like myself lose a lot of advantages. I’m well positioned to handle further deterioration in the SP, what you need to consider, is everyone else well positioned?
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