I never said that at $1.20 IML feel VSL is overpriced i said...

I never said that at $1.20 IML feel VSL is overpriced i said they wont chase it. they would feel it is below fair value when it gets down to under $1.10 and that is where all their buying is and they dont chase it up after that
i agree that they have got in on the ground floor and are waiting for true value to emerge going forward but at $1.20 the risk reward for IML is alot different than it is at $1.05. IML were buyers well under 1.00 so are sitting on some nice paper profits and are a long term manager with an extraordinarily low turnover for a fund manager however if things go pear shaped with VSL they will get out and look elsewhere.