Ann: Change in substantial holding, page-11

"I guess it's now a buy then is it?"

Not in my opinion, no.

I'll not labour the catalyst that I am looking for before I buy the stock.

(Just because some Portfolio manager somewhere around the globe, who was buying the shares previously at much higher levels one day decides to take a teeny slither of the +$1.0 trillion of assets his firm manages, and have another go, should be no grounds for any self-respecting investor to change their minds either way.)


"...but if/when the sp shoots up on results - you'll quickly switch to foresight and be happy to pay a "multiple" to play catch up, right?"

Absolutely, I'll be happy to pay a "multiple" if the "results" mean that the company has been de-risked sufficiently (and I think you are acquainted with what I believe to be the risks, so I won't labour them).

I have "paid" multiples - very successfully, I might add - with a range of stocks on many occasions in the past, on the basis that they were at my desired de-risked state.

I'm not alone in this; a great number of investors of all shapes, sizes and experience do the same thing.

Why do you find that approach so worthy of remark?

Some people don't care about risk; I very much do.


"Capital are in the serious league; I wouldn't be poking fun at them about smart investing if I were you."

And why not, may I ask?

Why should I not make the reasonable observation that they have bought the stock at a valuation significantly different to the level the price is today?

What are they going to do? Sue me?