Agree with you Pete and think this sell-off is over done. Going...

Agree with you Pete and think this sell-off is over done. Going off the last NTA report we should be sitting at an NTA of $1.60 right now ($1.80 fully diluted - 20c dividend) plus any gains that have occurred in the mean time.

I agree with some of the concerns about valuations and there is definitely some uncertainty there. However, I believe this has been more than priced in. Furthermore, floating JB at 14.9x earnings is well below peer comparables and I believe that this valuation is quite conservative.

Instead of selling HMLs holding in JB at the IPO price I believe Stuart's play here is to allow holders to enjoy the stag profits from JB through the in-specie distribution. Obviously the stag of the IPO is not a given but I think we should all give Stuart more credit and follow his judgement on this one. He has not led us astray to date.