why the drop?, page-4

I havent seen any commentary by Roger Montgomery, but looking at his valuation method it would put IMD above $3.00.

IMD's commentary around the end of the 3Q12 and outlook statement (weather impact & political unrest) have sobered up and corrected the overly positive position that a lot of investors have taken in the lead up to this latest 3Q12 financials. The share price is now correcting itself to better reflect where the company is and where it it expects to be in the near term. I dont see that the story has changed, it was simply that the share price was getting ahead of itself, and is probably now starting to overshoot on the low end of what will now prove to be very good value. (based on what has been disclosed thus far)

The obvious cavet will revolve around the political unrest to which shareholders must factor in when operating in potentially unstable countries. It would be unrealistic to expect perfect outcomes in such scenarios and a discount should be applied when buying shares in companies that have taken on these added operational risks.

IMD is a very good company from what I can see, and the story hasn't changed from what I can see. The numbers all look goo, but i have no knowledge of the managements credibility or performance - I did notice that a director was selling in March (I think in the $2.90's)