"The board in due time will make an announcement about what they...

"The board in due time will make an announcement about what they intend to do with the capital and that's how they should be judged."#

I remember the last time they did this. They announced that after conducting vigorous due diligence they would invest surplus capital in residential real estate in Victoria.

You don't need to like everything about a company to invest in it. To me GRR is a compelling investment based on valuation. If we had a board with a few truly independent directors that showed more concern for the interests of non-controlling shareholders (including when deciding on dividends), then we would be at a much higher price. This has been the GRR story for years.

# BTW, who told you that? I don't recall reading that in any statement from the company. They should make such an announcement but don't count on it. My guess is that they will let the cash pile continue to grow beyond all reasonable requirements and that it will be many years before any significant money (if any) is invested outside their current operations.