bye bye, page-41

"I don't mean to bag people with paper losses, but I just can't understand how someone could ride the SP all the way down to the low 30's, without bailing out on the way down."

Because:

a. You are talking with hindsight. Nobody (including you) knew that the price would come back this far

b. They take a value investing view that the cheaper the share becomes, the greater the value proposition.

c. The share price is no reflection on the fundamentals of the business. We have to cover the massive short positions which have been taken and their effect on the share price.