kiril said this and I've been thinking about it. It's true. There could be something totally out of left field that can beat BBI. Looking at we what we do know, they are appear to be safe. The balance sheet is highly geared but manageable, although they do have to reduce debt through asset sales.
Cash flow is solid and more than covering interest.
Yes, kiril is spot on. It's what we don't know that could still beat us on this investment. Another reason to be in BEPPA at almost the same price as BBI.
It is still debatable whether the "out of left field unknown potential killer" is worth a 96% discount to NAV.
what we don't know can still beat us
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