Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-41

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    it’s my number one rule - never buy into a PE float and wait 2 years to see what happens. Occasionally that means you miss out on something good but I have also avoided some fiascos.

    I found the other side interesting - that PE are scooping up bargains by keeping management in with equity, while shafting the little guys.
 
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