how low can this go?, page-278

I disagree, while I think it’s reasonable to gamble/speculate (I own several shares which I know full well are speculative), I wouldn’t want to kid myself that investing here is the same as investing in a company where one can predict the earnings with a reasonable degree of certainty at an undemanding multiple with respect to history.

Nothing wrong with taking a punt here but I just think it’s important for people reading to realise it’s a punt.