I don't mean to lecture or to condescend, but the more extreme...

I don't mean to lecture or to condescend, but the more extreme the stock market movement the easier the investment decision becomes.

You have got to be calmer when market movements become larger.

I reduced a different holding and have bought more DGL.

I don't think SH is trying to burn money.
On the balance sheet, I see $339.359mln of Net Assets
I see $145.298mln of Intangibles
Which makes Net Tangible Assets $194.1mln.
I then assume zero PP&E additions (conservative) from recent acquisitions and a fully-diluted share count of 285.8mln.

NTA comes out at $0.68 per share - true NTA. At $0.52, we are now trading at 0.77x hard assets. This is my margin of safety. I don't go around thinking I can buy industrial assets at 0.7x or 0.6x their book value. 0.77x is already a discount. If you are going to sell me hard assets at 0.5-0.6x NTA, I'll be there.

(Even if you factor in $20mln of capital destruction on a look forward basis, you still end up with NTA of $0.61 per share or 0.85x P/NTA. That is if SH picks up a cigarette lighter and burns $20mln of cash.)

Again, I don't think SH is trying to burn money/burn his own shareholding.

Catching a falling investment, picking a stock, going against the market, sizing it, accepting maximum ambiguity...it's all breakfast for me.

I've got the timing wrong, but when this stock trades at $2 to $3 (or higher 15 years later), I'll be laughing all the way to the bank.