A good set of numbers, page-25

"LOL, you've obviously lost money on TOL before Mad. There is nothing poor quality about TOL."

Mongrel,

I have never owned TOL so I have not neither prospered nor lost on whatever this stock has done.

I stand by my view that the asset base of TOL is an agglomeration of businesses - a few good ones, but mostly ordinary ones - of varying shapes and sizes that were cobbled together hastily during the Paul Little led, acquisition-driven, era.

And the relative underperformance of the share price since the GFC suggests that the market also has also had a similar view of the company and its assets.

However, and kudos to you, someone disagrees with both me and the market and has lobbed a $7.00 bid for TOL on the table, according to the AFR online this morning.

So congratulations to you. I hope you still own your TOL shares.