Ann: Proposal for Share Consolidation , page-16

Margin of safety is what separates the long term investors from short-term/day traders. My view for SBM is a business and less a stock that can be traded. Volatility (price actions, market noise) is not a concern when I know the intrinsic value of the business and when I bought it even below that.

It will be interesting to know the outcome of this exercise and I believe I can find other other businesses where my employees (money) can improve the business, achieve better results and espoused the principles below:

"in the short run, the market is like a voting machine--tallying up which firms are popular and unpopular. But in the long run, the market is like a weighing machine--assessing the substance of a company" - Ben Graham