Ann: Daily share buy-back notice - Appendix 3E, page-52

My average buy in price was around $2.30ish, so the loss isn't too material (yet!).

My approach to risk is very different to most of the jokers on the ASX: as far as I'm concerned, paying 70 cents for a dollar of cash is about as low-risk as you can get, never mind the fact that the dollar also comes with a small slice of some of the world's most prospective acreage, and that it also excludes capitalised expenditure on that same acreage.

That's low risk in my book.

Paying $76 for a piece of a bank (which bank?) that generously values itself at $32, leveraged at 13 to 1, that is flying high on the back of a housing bubble, near zero funding costs, and record low loan impairments just so that you can collect a 5% divvie, is crazily high risk IMO.

Accordingly, I've got 3 shares of CBA and 285k shares of KAR, whereas investors who prefer the more ovine approach to their holdings would probably reverse those weightings.