nothing has changed, page-20

To take emotion out of things, we can look at it as if we are receiving offers every day from Mr. Market for our share of the company. Right now, the market values our company at about $105M. If we believe that the sum of the assets that we have now and discounted future cash-flows is more than $105M, then we should simply say "no thanks" (with risk taken into account)

Hopefully, if the fickle shareholders are selling to those of us who are slightly more patient, then there will be more of us saying no to the bid price, and less price volatility.

This is not so say that we are happy with chronic low prices, especially those of us who have borrowed to invest. I give them 6 months from here for some serious realisation of value.