Well, it's not an industry that I care too much for (too many...

Well, it's not an industry that I care too much for (too many operators with too little financial discipline, resulting in limited pricing power for anyone)

And TPG is not really a company that I particularly like, what with it being an agglomeration of a whole lot of other businesses that have been acquired over time and today having indeterminate calls on capital.

But I still went ahead and started buying shares in the business in recent days, including today, predicated on the valuation of around 12.5x P/E and 7.5X EV/EBITDA (based on my rudimentary modelling of FY2018 numbers), which suggest to me that the business is not being priced for much in a way of successful execution (of whatever the next stage in the strategy is).

My purchasing is also predicated on the assumption that the company's management will not do anything too dumb or radical with the capital that is generated by the business.