Yeah, agree. I think it was in the early 20's forward PE when i was looking at it earlier this year, and now it's pushing 30x. If there's one business i at least like to think i should know a bit about, it's fund managers and particularly fund managers with large real estate platforms - i know how these businesses work in good times and not-so-good times. The last 3 or so years have been a near-perfect environment for this business and, at ~30x(F) PE, that's pricing in a longer continuation of near-perfect times than i'm comfortable assuming. I don't necessarily consider BLA to be a lost opportunity, even though it certainly appears that way for now - i've done the work on it and so now it sits on the watchlist and i patiently wait (maybe forever...) until it's offered to me at a more reasonable price.
As for watering weeds and starving the flowers, well, i think i can count on zero fingers the number of times i've been perfectly satisfied in hindsight with my weightings
BLA Price at posting:
$14.18 Sentiment: None Disclosure: Not Held
