Ann: Revised Securities Trading Policy, page-6

"-37% profit ! "

Wrong take.

Priced for perfection, maybe, but most self-respecting investors are smart enough to look at the underlying performance of the business.

And the underlying performance is decidedly different to 37% reduction in profitability.

The correct take, I think, is this one:

"Real estate is an interest-rate sensitive sector and, during the biggest interest rate hiking episodes in a generation, this company was still able to increase its underlying operating profit by north of 25%."

Pretty prolific, on any objective measure.

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