Sell Your Soul, page-78

So DSD - after almost a year now barely broke even as you said on first short - Now by my calculations your second one is probably breakeven ... I think its fully priced but really its not for us to decide the price its the market. The Pengana / HHL merger , the TPG re-investment , URB , NHC and even BKW they all face a few headwinds but its the mix that seems to still have an audience.

I don't think you can measure stability when you are comparing this stock to a bank paying 2% maximum they out perform banks and many buying into this are looking at the basket and asking if they will sustain the dividend. That's the value its not the underlying value of the investments in my opinion but the comparison to a steady dividend - The gap between underlying value grows larger when interest rates are higher as their return on equity is very low. So I personally would short this when I can see interest rates rising.

I wont bet against TPG being able to create capital out of mobile - Its a long play but that is what he (Teoh) is great at. Look at their purchase of the company with the Gaum cable - Pipe Networks ... A brave move as Pipe was in trouble. I remember when the TPM shares were around 30c and stupidly sold a few months later for what I thought was a very good profit.

All in all these guys do score goals and with a bank of property flowing into the group from the Brickworks Property JV and a multitude of businesses that are cyclical they tend never to all hit the high notes at the same time but also protect to the downside.

I also think you have to see that the past few years is a new era under the new CEO and that may well create another generation of growth for the group.