buyback stopped, page-31

HT,

I strongly concur wrt A and D. Just a matter of patience imho.

B is hard to call, but I am an optimist.

As for C, something will happen but imho it's unlikely to be transformative. Not likely to add much value per share, as the asset market is too competitive to have much chance of getting anything at a deep discount to true value.

However even a fair priced acquisition would put the idle cash on the balance sheet to better use than the paltry interest it is currently earning. Given TBs discipline there's more chance of surprise upside than surprise downside imho, but not transformative (certainly not on a per share basis).

If we fall below $9 I am likely to do a more thorough evaluation of OZL's value with view to buying a few more, probably at the expense of a few of my IGO.

EL
EL