Ann: Operation updates, page-103

Yep hold my fill and will hold for the longer term. Quality businesses tend to stay as quality businesses even if difficulties with competition or macro-economic probs.

SBB is quality business AND cheap. This type of business does well in the long run. Low debt and investors finance most of the assets. ROE has been fantastic and is forecast to remain above 25% for the next few years. The PE is about 2.5 = low. Cashflow is healthy and CEO has plan and is executing plan for growth.

This drivel that the SP reflects all knowledge of the market is absurd. That would infer people are all knowing all the time. The SP will improve in time and as pointed out happy to wait as is it is unlikely for a quality business to become a poor quality one.

cheers

Wobby.