Ann: Update on Education Australia Shareholding, page-15

I remember trading JHX from about 2011, and it was on a huge earnings multiple factoring in the US property recovery after the GFC, and investors and analysts seemed to view it as a dead certain recovery story, but were not sure of when. It was usually a far better dip long than short on bad news, and had to hit me in the hip pocket numerous times to teach me that lesson, while I was (deludedly?) thinking in terms of DCF. That is one experience that I am probably taking into account. I will not deny that there are huge red flags, and a fair recovery period however.