value investing, page-29

afternoon all, hi Donksy,

HSN imo - one of the best companies on the board.

I know some of the exc. team and board. Have regular contact with one to keep up.

This quarter/half report will be dreary probably compared to previous 2 years - it will possibly present a buying opportunity (depending on general market sentiment). I intend to capitalize on that if timing is right in the rest of my portfolio.

The only downside with HSN - depending on your position size is illiquidity - I own more shares that there are generally buyers for - not really a problem for me as I never intend to be out of the company for any length of time. However, it is a pain to have to ride out general market drops when even hsn drops - the problem is that you could sell out - but it would be very difficult to get back in.
My present position took me 9 months to build and that included a sweet parcel I picked up in the gfc.
I have been with hsn now for a few years - I have never sold a share.

The time comes occasionally to pick up a reasonable parcel numbers wise - but it doesn't come very often and you have to have dry powder then.

Illiquid aside - I consider it the best stock in my portfolio.

Have a great day

Pinto