emc2....I'm currently holding because of the fundamental reasons...

emc2....I'm currently holding because of the fundamental reasons identifed by yourself and others earlier in the thread and expect (hope) for the price to recover.

The only issue I'm not sure of is the 8.7 (if I recall correctly) EV/EBITDA multiplier....as there is no track record of EBITDA for PIH.

Time will tell and also PIH's attitude to dividends will come in to play.

So I'm strapped in for the ride for the next few weeks/months but expect it to be a lot less bumpy than for BEPPA.

I was in to BEPPAs because they were EPS.....not for the equity so I will offload around 80% to 90% once I see how things are tracking.

I hope others are not in the same position otherwise it will mean the sell side will keep pressure on prices.

I like IandW's analysis but anyone who pulled off that strategy can consider themselves a master.

I was buying in on the way down (started at 67c) and in the end was in way way too heavy with more than 60% of portfolio at one stage.

My plan was to ultimately get paid out 60 to 70c /$ (worst case) in addition to the 6c deferred dividend.

Rationale was 37c base (ie 43 less 6) plus 10 to 15c ex AETD sale (as suggested by Hastings and still may get) plus ~ 14 c given to BBI sh.

Unfortunately my plan was never realised with a lot of "interesting times" (thanks to BBI mmt) along the way.

Anyway, I am greatful for the experience and can book some profit but am very sympathetic to those that were not as fortunate. These were / are good assets and their investments should have been sound.

Anyway, time to ride the PIG.