Ann: AGM Address and Presentation, page-4

If there was anything too shocking coming (after this recent report basically said that things weren't too bad), then they could expect a class action. I too have been wondering what is going on that we are not seeing.

The market isn't always right. On the 7th of September this year I bought 2,000 Perpetual at 26.29 because they seemed way undervalued to me. The share price then shed a few dollars more and I was despairing about what Mr Market was thinking. Then a takeover bid came out of the blue at 30.00 and today it was increased to 33.00. I sold out at 32.70 this afternoon to be safe, as management rejected the offer out of hand which I think shows lack of diligence and perhaps a touch of hubris.

Anyway, with hindsight it was money for jam. Liberty looks undervalued to me and although I already have 10,000 that I am underwater on I am bidding for another 10,000 at not far below the current level. If the yield halves unexpectedly and precipitously to 6%, that's the kind of pain I can live with.