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What do you mean people can see through my post? I am simply quoting history and how Grange has historically been valued relative to its balance sheet and earnings. If you go back and check you will see that the share price has spent long periods just above the net cash on the balance sheet. At present it's about double that which is why I think the share price will fall further yet.
In my view though the iron ore industry has not changed and Grange has not changed (actually its costs have gone up so its changed for the worse) and I think the share price is still a bit high. Grange is a high risk play because of its high cost of production and lack of growth. So a share price reflecting that makes sense.
I am no bear on Grange. Its got great management and a high grade product. But I am not buying back in yet. I dont think we have seen the low point of this iron ore cycle yet and I dont think all the froth has gone out of the Grange share price yet either.