Deep value play, page-161

Is it not "fair" that shorters are selling down the stock in anticipation of the managmenet team continuing to perform poorly?

Based on the info we have at hand now I would suggest that the stock would seem to be trading at a  valuation below my personal expectations. I would however like to know more about forecasts 

No that is not true. Although I agree that in the latter days of AMP being a Mutual the policies you are talking about were not good I was referring to further back in the history of AMP which is why I said,  "way, way back" . Back then -  lets say pre 1980s - the policies were actually pretty good. It would seem that AMP lost its way in the 80s and maybe was on the way to the dark side in the 70s. At this stage I would hasten to add that there are probably some examples of bad policies before the 1980s but the company wouldn't have lasted 130 years until that point if all of their products were as bad as you say. Remember AMP came from a time where there was no super, access to stock markets was limited to the wealthy elite and property ownership was not possible for many. People had no access to financial products like they do today.

Some of the older policies were so good in fact that during the 1980s there were companies set up that purchased these for face value. This was because the type of contract that they were paid "bonuses" based on a schedule of years held etc. The longer the policy was held and paid up the greater the bonus over time. The companies in question agreed to purchase your policy for face value (current cash in value) and then make the policy "paid up". They then held them until bonuses accrued and cashed them out at a profit.