It never ceases to amaze that punters assess business value and performance in weeks and months frolicking in the most short term influences on a business especially when those influences are challenges to the model.
Investors are somehow better able to understand that short term problems, of say 1 or 2 years duration, will always arise if a business exists long enough. The problems need to be addressed and resolved to be sure, yet they rarely undermine the basis of a successful model with a capital base and network reach spanning decades.
I am reminded of the "old economy" "new economy" vernacular, thrown around in the late 1990s. Successfu, mature and profitable businesses were cast aside in favour of young, entrepreneurial internet based business that were priced and valued on blue sky. Most know how that worked out.
The MFG $11crisis, what was it 3 weeks ago(?), offered the opportunity for anyone to load up, or add to holdings. Many here did. Yesterday, I released just a few, being happy with a 25% monthly return, and my personal objective to cash up again, in the current market rally that has no hope of being sustainable as the world lurches from one disaster to the next, economic, energy, interest rates and geo-politics.
At current levels, MFG for me is a hold again. I expect an $18 - $20 price over the next 3 years but also anticipate seeing $11 before then. I will act according to the data, but selling out is not one of my long learned alternatives.
GLTASH
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