Cash levels don't reflect inventories and they are well stocked...

Cash levels don't reflect inventories and they are well stocked to meet holiday demand.

Asides from July/August being the quietest months of the year, they also carried a lot of extraordinary costs with the restructuring and retrenchments.

Although they aren't exactly flush with Cash, there were a lot of non recurring one time costs in August.

Whether he is happy or not I don't know. I don't think he gets too carried away with the day to day movement of the share price. Unless you are buying or selling why would you.