cheaper, page-22

Cato - I said "current pressure" - the underperformance of KAR over the last few months is a mystery to me - well, I guess I can come up with plenty of justifications if I want to be a negative misery guts (like some "serial pest posters" here), but I like to try and retain a fair amount of optimism.

I don't think our share is a dog, but there are definitely some fleas! I think your "seller is the buyer" explanation has plenty of merit, and that is what golfzoner implies with his "the big holders will eventually get their stock for a song" notion. There is no doubt in my mind that KAR is getting bashed around by a few of the big holders - they have a lot of cash deployed in their holdings, and they are probably happy to play with derivatives etc to earn a bit of income from those holdings (think Opes Prime strategies etc).

However the recent reaction to Proteus screams to me that something else is going on in the backroom... that is what I meant by the "unknown unknowns" in my earlier post. I know Mr Hosking has had pressure on him previously by large holders, and the stakes are way bigger now, so surely he is getting some serious heat now?

perhaps Mr Hosking needs to listen to some music too?

http://www.youtube.com/watch?v=LSGl3d4KOMk

maybe he needs to relinquish some control to the big shareholders to appease them?