Recent Drop in Price, page-51

gSek - that is a great summary of healthy thinking. All reasons we bought in the first place right? intact, if the only problem is valuation got ahead of us then we should be ok with that.

If $21 appear irrational in July 2018 but will appear as fair value in the later half of 2019 or 2020 then its just a function of time and patience. I have no doubt the PE will return to something closer to 20 in the future but we just don't know if that will be via a crashing of SP or if we just will see a slowing in SP growth where earning catch up. I own them, I sure do not want to cop the CGT on selling shares bough for $3 and $4 and I am not a fund manager that has to report results yearly so I am happy to ride it out. The question really if it drops is where do I become a buyer again ? If it goes to $16 I will again be a buyer as will others.