MM, I don't need to wait for the AGM announcement to form an investment view on ASL. It is one of the many stocks I would never contemplate owning.
Given that one shouldn't really own more than 20 stocks (portfolio theory shows that diversification risk is almost 100% achieved with a portfolio of just 10 stocks, provided they are not pro-cyclical.), ASL comes nowhere near to making my short-list of prospective investments.
However, I respect that people all have their own investing "styles" whihc they believe works for them, and I assume that you own a share of this business or else you wouldn't be asking about it.
I don't mean to be facetious but you own ASL for reasons which I simply don't comprehend, so to help me let me ask you two questions:
1.) How does the FCF (sustainable) of this business compare to its EV? 2.) What is the potential permanent capital destruction, in other words what is the downside in the share price (i.e., quantify the risk)?
