I do have some bags to reinvest from SXE and OCC so I am on the lookout for some of those "inferior quality" businesses to which you refer.
Not tempted by FBU at present but have been having a bit of a look at RHC. Quite a bit in common with FBU, chronically poor profitability, difficult sector conditions, poor allocation of Capital in underperforming sectors, questionable management, significant debt, best opportunity is probably a takeover and breakup.
Imagine holding that bag for ten years waiting for someone to come in and take the hard decisions. That's the reason I won't get back into FBU. On paper it looks like a decent opportunity but over time it's just one thing after another.
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