Ann: Chairman's Address to Shareholders, page-41

I topped up yesterday as well. Confident that the recent weakness has nothing to do with the company itself Rather its just funds rotating out of growth stocks so they can get resource exposure. The scenario Roger Montgomery has been banging on about.

FWIW last week one of the Motley Fool guys on YMYC said HSN was under valued by 20% and that was just at the start of the recent slide.



I think you have to back management. Its not overly expensive on fwd earnings especially given how defensive their earnings are. I'm happy to pay more for a company that has an exemplary track record of EPS accretive acquisition especially when they are still actively on the hunt for more.