Ann: South Erregulla Update, page-167

There isn't always an evil or ill intent behind a short. It can be used in so many ways that it's next to impossible to try and read the situations. It could be index trackers who had to buy STX as part of the index rebalancing hedging their position. It could be some party looking to capture the small margins between STX and TPD when the pair trades outside of the SOA ratio. Or it could just be someone who is really negative about STX. At the end of the day, the ledger has to be squared off at some point. I've been busy going over my numbers again (part of the reason why I haven't been posting much lately) and am more than satisfied with my model. Given the spread between market price and my fair value, I have now basically bought back all of the shares that I'd sold at the start of the year. I wish I could say it was all a planned trade and I could foresee everything, but it was just mostly luck (and some elements of position/portfolio management) that I managed to pull off quite a profitable trade. Most importantly, very happy to be back to a very healthy holding of STX again and at decent price levels too

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