Ann: Lendlease Strategy Update, page-9

you don't need turnaround story to make money in beaten down stock, it all about valuation and how you can extract value out of them
it doesn't even need to go back to $20 level, it only needs to go to $8 at this price and you still laughing all the way to the bank.

look at amp it is the dog of all dog and it hasn't turned around and if you buying them 80-90c you outperform the index by a country mile in the last 18 months plus banking the dividend.

Large fund manager is at disadvantage to clever retail investor due to their size, they have to buy in and stayed in for the full story to turn to make money
us retail can just jump and out at will so we don't need a turnaround story, we just need valuation to be at compelling level that the only is up unless they go into bankruptcy.

I see LLC is in similar position to amp at low $6 and into the $5 so I am keep buying and buying