URW has IMHO been oversold based on this sort of extreme pessimism.
That is really loading on the pessimism, bit like arguing that every Australian taxi driver is a criminal looking for a crime to commit like spreading coronavirus around for who knows what purpose?
IMHO we need a bit more balance in our views, COVID could have continual waves but I doubt that will be the experience in Europe where they are practising social distancing and safety IMHO.
Valuation margin of safety, page-5
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