====blue chip+++++++, page-16

lies, damn lies, and profit figures thanks for that jhiu. Clarified a few things for me.

The valuation of this stock has troubled me for a while, and I'm thinking it might be time to bail out, thanks for the ride.

Reason being, if, as you say, asset valuations are fairly arbitrary (and in part driven by Mac Bank performance fees etc), and have been kicking along nicely for some time, they may well be on the high side by now.

The best way to value this stock is said to be NTA (by statement in 2003 MAp annual report).

NTA is of course also based on asset valuations, thus this is also rather dodgy. Leave me thinking this stock is propped up by paper valuations that are no more than a house of cards..

Not to say this isn't a great company, with great monopoly assets, but of course this isn't enough... what is the real worth of MAP shares??? The answer, no one really knows!!

Damn I hate this.

Opinions??