I've not been aware of CAJ for that long but I can understand...

I've not been aware of CAJ for that long but I can understand what you are saying. You make an important point and it is the reason why I did stay away from CAJ as well. But as you said to ride the wave of euphoria up and then get out at close to the right time would be a better outcome.

I'm not a big fan of the growth by acquisition business model, especially when it seems to be a strategy to grow in and of itself without a corporate strategy attached to it. And i don't mean cutting costs as the corporate strategy I mean getting the right synergies or finding a business that your corporate culture can add value to. This company seemed to go from one acquisition to another without bedding down the deals and booking growth as if it was a checkpoint in some type of race. And the corporate world doesn't work that way even with companies that specialise in the same industry. I wouldn't compare them to Bond or Babcock and Brown but they used the growth by acquisition at any cost model and were huge failures, Glencore , G8 education headed down that path and are struggling and I personally believe IBM has been doing the same thing for a decade.

Anyway, I won't say anything more but good lesson to learn here. Get in early and at least book some profit on the way up or don't get in at all because these things rarely work out well over the long term.