Firstly we don't know that Orbis are not still buying. Secondly they are a value manager, so even on the way down, this should not change their behaviour or their opinion on a particular stock i.e. CER.
They will rationalise to their investors that their holding period has not even been one year, and that they are fully conversant withthe risks of teh investment.
In other words, nothing has changed for Orbis.
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