Golddigger,not sure what you mean by the $4 or $12 thing. I was...

Golddigger,

not sure what you mean by the $4 or $12 thing. I was just throwing a couple of numbers to explain something. I could have used $6 to $20. It actually means nothing. I do have an interest in KAR as it is closer to a buy in price I am more comfortable in (ie. for myself as I personally felt that at $10-$11 the downside was too high for me if the market was dissappojnted by results. At the $7 or $8 level, I am more comfortable as I feel if there is another dissappointment I can live with a $6 price (I'm not saying this will happen, but just saying that % downside is lower).

The research about the $7-$8 price is simply based upon the Macquarie conservative valuation of what they currently think it is worth based upon risk.
This was different to the research I had from UBS (I think), who had a $11 or 12 valuation from memory. But again, I was just looking to take the more conservative view. I can ask for the research paper if you want it. It wasn't saying KAR was rubbish or anything, it was just saying that until there is some further successful encounters, they wouldn't be buying it at the$10/$11 level, as this is already pricing in a greater level of success.

Again, I didn't come on to talk about buying/selling KAR. I just went through Hotcopper this afternoon to gain some greater insight into the stock (which I was looking to buy), and came across the thread attacking this Sean Conlan bloke who dared to suggest KAR was a sell and I thought it was poor form, and you have to say that he can say that today's action is exactly the reason why he had a 'sell' on it. The risk of average news will see it fall to the base valuation.