takeover, page-60

For sure i agree games/manipulation happen. Just not to the extent everyone assumes/thinks. And only mentions when things go against them.
at $4.64 that was a rich valuation considering:
1. Rising inflation and thus interest rate environment which will contract multiples (yet we were hitting all time highs into this headwind)
2. Effect of fewer completions due to lock downs
3. Law of big numbers - the business is so much bigger its harder to grow as fast and more can go wrong
4. Russian build up on Ukranian border.

So it was priced to perfection with all that in the background - its hardly manipulation to see it ease of to $3.50-$4. I would say our plunge to $3 was more geopolitical headwinds and having been such a strong performer over a long period of time there were plenty of ppl to take profits. I have been holding since ~50c for example (didnt sell any).

So yes manipulation happens. But really the move in this was buoyed by good conditions end of last yr/santa rally and takeover spec - came down due to slight miss on results/rising rates/geopolitics. That accounts for 80% of the movement in my view.