Ann: Becoming a substantial holder, page-9

The only thing holding this back has been Pac Rd selling 300 million shares at 50. J P Morgan picks them up and sells 27.7 million to Vinva, say at 65c for a 30% return in no time at all. Big boys have been making a killing, all the while knowing how safe the company is, and that there's so much more in it. Money makes money, it's as simple as that. Patience will win in the end, but I'm not sure how much more of this will go on. Repositioning oneselves to true value takes longer under this type of scenario. Vinva, Patersons clients, MacQuarrie clients are all getting set at a discount otherwise they wouldn't be doing it. It's only frustrating if one needs to sell, patience will be rewarded. My fair price remains $1.20.