pe ratio of 1, page-14

Well, I'm certainly not selling! I haven't bought any for the last few days, but the value is even more compelling now! I may have to free up some more cash!

The way I look at the value/share price equation is this:

When a share goes up 1 cent, sure you have made an unrealised capital gain of 1 cent, but is got 1 cent LESS CHEAP. This IS want we want, of course, but there is a PRICE/VALUE trade-off.

Similarly, when a share loses 1 cent in PRICE, it gains 1 cent in VALUE - the same slice of that company is now better value than it was before.

So IPR today is 1 cent, or over 10 per cent, BETTER VALUE today than it was yesterday, and a third better value than when people bought it at 12 cents after the nearmap announcement.

So what has changed? A bit more fear... someone's margin call? Who knows...

But I can assure you IPR's $35m in cash still has the same value, and is still earning interest well above the inflation rate.

SO we buy more if we can. Or if we can't we hold. Because IPR's cash is still cash. Their value in terms of cases and nearmap is still there.

And if I go quiet from the thread for a few days, it doesn't mean I have sold and run! I might just be being quiet and patient. : )

disclosure: 1,000,000 shares.