careful, page-66

Whilst I agree with your sentiment about investment managers, one thing to note is that Orbis is a relatively new player and thus has less to lose (business risk) in making big calls, and also from my limited knowledge, they appear to be a manager more likely to disregard common benchmarks.

Whereas, other big name managers will get out early, and be keen to move on from underperforming stocks to avoid the difficult conversations with researchers and trustees.

Important to remember that a great investment manager is likely to get decisions right ~ 60% of the time, and as Orbis has said in its reports, the sector is subject to unusually high risk, thus holding many REITs that are in a similar predicament to diversify.

Having said that, couldn't resist topping up at 3.5 today. I think they have many options to deal with impending debt commitments. Upside is well over 20 cents IMO, and downside 3.5, and with a much higher probability of upside over next 12 months.

But important for all to remember Roadster's message...investment managers get it wrong regularly, and consistently!