hbos takeover on track, page-38

50%off would make them a dead duck,actually 20%off will cause a major bleed,fatal i believe, in a market devoid of confidence,and that is exactly what this worldwide crisis is
a crisis of confidence supported by their own accounting rules,systemic failure.

really the your right and i am wrong argument is tiresome,all the graham theorists will be revelling in this climate,back 60years with p/e of 5 or less and a margin of safety,i think vpg misses out on the margin of safety.

for reasons mentioned before,good luck,