Buyback of PTM, page-4

I doubt A.C. really thinks they are over priced given he hold tens of million of $'s in them.

It's more likely he's keeping the powder dry. The trade-off is that if you spend the money on buy- backs that's less available for the dividend. There is a balance point though and he may do it when earnings turn conclusively or in any attack by a corporate raider.

For his own shares that's a double whammy because not only does he defends the price in the market the increases the earnings / share of his own holdings. The comfort it give same is if we get a 1987 type situation he can just wade into the market for his own shares to nip any runaway( panic) in the bud. (Sorry for my old, prosaic language).

BTW. I'm personally happy with todays market profile update on the site not only did it show Plat In't'l beating the MSCI (unhedged) convincingly for the month and year. It means for myself Plat In't'l and myself were working constructively together in my overall portfolio especially on things like Oil and green themed investments (please don't ask me to explain it).

All IMVHO