ARB, page-13

I suspect much of the ARB selling yesterday could have been from quant-driven funds which automatically sell stocks with certain valuation metrics when the factor inputs to those quant models undergo large changes.

And ARB, not being a very liquid security, does not need much in a way of either selling, or buying, volume to move the share price quite meaningfully.

No matter: all this ruminating and speculating about who may or may not have been buying shares at any given point in time is not very meaningful, because one will never know, so its areally bit of a waste of time.

The critical thing for successful investing is, always, valuation.

On that note, you are buying shares in a company at a multiple 40 times its current level of earnings, a level where it has - until very recently - virtually never traded before.

Genuine query:

What is your investment thesis here?

How - apart from an expectation that the stock will continue to re-rate to even higher record valuation multiples - do you envisage making money from your investment?

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