hanging tough, page-11

I've saved all our posts, Feeny. Filed away and used to cross-check my own analysis. I think we are on the same page.

I learnt alot about this biz from some Fundies I did some work experience with earlier in the year. They are holders at a MUCH higher average buy price. Before then, I'd never really looked at it. They run a value style fund.

I started buying at $7.70. It kept falling, and I figured the value was getting better and better. I bought all the way down to $3.70, and part of the way up again. Average buy price ended up $5.70. I think they call that conviction in your investment case. Or lunacy. Larfs.

I build conservatism into my analysis and on that basis I make circa $15 a conservative estimate of what I think an educated buyer would try to take out the business at today.

That's where I think they'd have to start...not the price at which they'd get it. :-)

Medium term...on the back of Liberty being turned around along with overall earnings, I agree that $20 would not be overly optimistic at all.