Warren, our strategies and execution sound very much alike....

Warren, our strategies and execution sound very much alike.

Management past performance is perhaps my most important decision (ex speculative buys) in this case, despite a recent poor performance, I decided to give them benefit. My main reason for that is Cavendish's large stake, which feels like an insurance policy. If STW fail to deliver again then I feel there is a strong possibility Cavendish will take the reigns.

Turnarounds are my favourite strategy. I've heard the axiom turnarounds rarely turnaround many times and it is true to an extent. However, like all such catchy phrases if they applied across the board great opportunities are missed.

I too tend to get in a little early on these type of positions. I don't worry about that though, if I have my homework correct missing a few percentage points plus a month or two in the red means nothing. Just need a strong belief and quick to act if something doesn't seem right.