Byron,If you take OZLs net asset equity and shares outstanding,...

Byron,

If you take OZLs net asset equity and shares outstanding, current asset backed value is about $9 a share. It's trading at about 4-5% over this base value and companies with strong cash positions, low costs etc, typically trade at 50-100% over base, so on this measure alone OZL is far from being over-priced or expensive. Gold at worst (I stress worst) could fall to $1200 but it will always be in demand and will bounce back to levels seen today and possibly higher as quickly as and if it falls. Copper will be flat at worst and is likely to maintain the $4 area for quite some time now.

OZLs challenge will be to convert cash to assets that can increase or grow the business or grow in value as time wears on. Last year alone I think OZL wrote-down about 500 million of book value from the year before, so at face value it looks as though they are diligently depreciating assets fairly and honestly and really half of this asset write down was because the assets are being written down and converted into cash. You cannot ask for a healthier business model with the the fortune of gold for bad times and copper for good.