Ann: Preliminary Final Report, page-7

@MarsC,

Yes, "Who knows?", is quite apt with this company.

All I know is that it is a little business that defies conventional logic when it comes to business durability and longevity (let alone the prolific value it has created for its shareholders), presumably because its managers care very deeply about it and they manage it very conservatively.

The result is that it has emerged from each business cycle more profitable that it was at the corresponding point in the previous cycle.

That said, it must not be forgotten that this is a cyclical business; its earnings do decline when business cycles move beyond their peaks.

Hopefully that happens again at some stage over the foreseeable future (although I'm not sure who will be willing to sell their shares to me at prices that are materially lower than they are today, given the sheer lack of liquidity in trading in the stock).