Hi Camden, can you perhaps reply in the SAI thread as to why you...

Hi Camden, can you perhaps reply in the SAI thread as to why you think it belongs in the "Deep-Discount-to-Non-Grower-of-Intrinsic Value" Category.

I don't think that this is accurate - it's in fact probably closer to SGN (although not as bad as SGN was a few years back) and has grown by over-the-top acquisitions. Ir's a very capital light business model... but organic growth is limited. There is no competitive advantage that I can see, so it will probably achieve returns equal to it's WACC on any re-invested capital.

And it's certainly not cheap in my book. Especially when viewed on a free cash flow to enterprise valuation perspective.

Cheers
V

PS: Fantastic post by the way - my focus is on quality businesses that can grow intrinsic value over the long haul for similar reasons that you mentioned.