Afterpay – buy now, pain later? by Allan Gray, page-5

i think that what they failed to realise, is that while they may have correctly identified some super beaten down stocks that were x% over beaten, they didn't recover back to the previous levels because their market share was shrinking faster than they could recover or the entire industry was getting disrupted.... so instead of a stock that was $5 and was now $1.20 recovering back to $5, it would just languish or decline further and then covid hit and it was 50c...i think if you looked at their individual positions recently you'd see something like that.... also cost of capital is almost nothing, so cashflow etc is much less important than in the 90s etc...

look at this call on oil.... peak oil is way past... electric everything is coming.... why would they ever recover when 2 million mile batteries are in cars and solar roof recharges the car.

demand can only go down....