sp now unsustainably low. a musing, page-6

asf,
While I agree with most of your sentiments, esp about valuations in the mining sector, OZL has a problem in the short term 1 to 5 years - no growth. It can continue to do what it is doing or it can grow by acquisition, hence C. There is a feeling that SFR is a good fit for the short to medium term growth for OZL and if the price is right (and we all know markets turn and could overshoot to below fair value or companies get into cash flow difficulties), then OZL has the cash and can plug the gap.

I do not think anyone wants to see OZL go after SFR and pay top of the market prices and OZL has not been acquisitive. It has been prudent, played it's cards with impeccable timing and we all hope that TB can continue to maintain this diligence.

I think we are all hoping that the opportunity will come about, and then (and only then) we would be happy to see OZL "pounce", because with the cash on the bal sheet, they have the ability to be very very nimble (and very very quick).

Hope this helps

HT1