Buy, page-113

"I probably should have taken profits but selling within 12 months? After CGT is factored in it becomes a bit marginal."

Given how the broader market has performed over that period, the opportunity cost you've incurred - even had you cut a CGT cheque to the ATO - is anything but marginal.

You say SCG a real estate proxy for you, but have you actually looked critically at the basis by which that real estate that you are buying has historically been, and is currently being, valued? Not only now during lockdowns, but even in the years preceding Covid and the associated locking down.


PS. As another exercise, ask yourself the following questions, which I think are pertinent to this company:

1. Who is the family that sold this business to the market several years ago?

2. Do you think those folk are smarter, or dumber, than the rest of us, when it comes to really understanding retail real estate?

3. Given they weren't old and about to go to seed, what motives could they possibly have had to sell out of what was a multi-generational family empire?

4. How did the share price perform in the years after which they sold out (excluding the Covid anomaly)?

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