well said Peter
my view on cfe has not changed much since i posted on 30th oct 09 - that is that it is hard to get "full value" for these sort of stocks - sometimes it takes time, and if the co is not wound up to give shareholders their return, the time factor means we are then in a commodity slump and/or a bear market and hence the theoretical nta is much different. - I will say that one big difference here is I think Sage ( besides his extraordinary dealmaking capacity ) seems to try and hoard some cash/and or return some to shareholders!
i did repurchase into the stock in feb last yr at 45 and bought more lately at 55c - good luck to holders
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