I found an interesting paragraph in the investment manager's...

I found an interesting paragraph in the investment manager's report...

In contrast to the situation in Europe and Asia, we are finding it increasingly difficult to identify attractive new opportunities in Australia. Clearly the market’s returns have been very impressive, particularly over the last few years. But for Templeton’s team of analysts, this is exactly the sort of backdrop in which we’d expect to be selling stocks rather than buying them. As our firm’s founder Sir John Templeton expressed many years ago “to buy when others are despondently selling and to sell when others are greedily buying requires the greatest fortitude and pays the greatest reward”. Looking around the Australian market today it is hard to find many who are despondently selling, whereas there seem to be any number of buyers.

I sold this fellow when its NTA was reached in Feb. For the patient investor it represents a substantial discount again. Perhaps another buying opportunity.