it’s not the “market”, it’s the punters (read SH) ! I think sometimes things look too good to be true (remember the Mirage Resorts Ad and Skase ?), and that and the flight to ETFs. I think a lot of Sh (off all varieties) are a bit poleaxed at the moment and are either selling or just hanging on hoping ! Don’t forget that for every buyer, there is a seller, but when buyers like me run out of investable funds, whilst we don’t want to sell, we can’t buy and so just have to sit seeing the so-called stupidity of market forces do it’s work. I think you have to rely on fundamentals. Are they efficiently managing money ? Are they making a profit ? Are they doing worse than any of their compatriots, Is there any bad news ? PNI is another SH that I have that has been sold down to ridiculous levels even though they have an exposure to 14 fund managers with multiple funds and a guaranteed income from the partnerships.
PDL Price at posting:
$4.36 Sentiment: Hold Disclosure: Held
