good move, page-6

Valuation is the key. Here is what I posted in july for those that missed it.

"Do people realise that this company is essentially trading at 50% of net working capital less debt. So even if they blow another $60m in cash, you should not lose your equity. The way i look at is that making a 10% cost blowout on an estimated cost of $250m is not as basd as 10% on $150m. As the $150 shrinks so do the risks. You get your money back x2 and then get the company for free. I will take that bet any day."