WPL@$30, page-4668

what I’m about to say is not to put a damper on you, I’m a holder as well and this is my largest holding

Woodside have underperformed for the past years, it mainly to do with their reserve and declining production

whilst the outlook is positive, the question is how long will these oil prices sustain and will there be execution risk on the new developments

for these reasons the business is marked down for a margin of safety, how much is up to the individual and the market in general. Same can be said for santos, there is a lot of execution risk and bit of luck. Because everything can go right but no one can claim to know what oil price or LNG prices will be in 5 years time.

anyway…. Back on the topic of price

there is a few, who are happy with their 25% return from $20

so they have every right to sell out and they need to before the business can move to the next step

as for myself, I think the margin of risk is offset by macro, which is why I haven’t sold much of late. But I do sell to rotate monies into other opportunities if they become compelling