If you haven't had the chance yet, I might be worth having a...

If you haven't had the chance yet, I might be worth having a look at the Orbis web site, www.orbisfunds.com.au

There are some details on the investment philosophy employed by the company and the 3-5 year horizon on investments.

The latest report for the Aus fund is September 08. This is a direct quote from the report, when CER was trading in the 9-11c range:

(quote)
...There are a number of similar examples which your Fund owns – ALE (which we discussed earlier in the year), Thakral, Australand and ING Real Estate Entertainment Fund. Centro Retail Trust, while having more risk, offers exceptional value trading at less than 10% of its net asset value (after a hefty write down by new management) and less than one year’s earnings.

While many investors have been selling, we have been buying and property share holdings now account for almost 20% of the Fund. We are confident that these shares will one day provide good capital returns, but while we wait the stocks are yielding sustainable distributions of more than 10% per
annum.
(ends)

... it's like poetry to the ears of the long-term investors amongst us.

Given they continued investing until mid November (maybe later), you would have to assume they subscribed to the same belief until recently.

I personally think Orbis have stopped buying because they are happy with the risk/reward on the sizeable CER stake they have developed and are looking at other opportunities, which are plenty in the current environment.

As I have said over and over again, the difference between NTA and SP offers a large safety margin for this stock if you have the staying power and appetite for risk.

Only time will tell I guess.