Ann: Trading Update, page-42

@travelightor

I think we have done this discussion to death. But I can be like a dog with a bone, and so at risk of further boring everyone to death, and infuriating SDI followers with unrelated banter, I will comment just a little further.

I completely agree with your comments regarding the qualities of a company like REH, which go beyond usual attributes most "moat seekers" look for. Surely you've gleaned by now, from my various posts, the heavy weighting I lend to the character of management and the culture of a business.



"I just found your ABS data analysis in relation to REH to be of little value. You might disagree with me, and I'm more than fine with it. That's what makes a market."

The purpose of my comparing REH's revenues against building activity was driven a little by intellectual curiosity, and a little by a desire to deepen my understanding of REH. It wasn't a panic driven attempt to sell my shares in an attempt to outsmart "the cycle". I did not expect the revenues to be as strongly correlated as what they appear to be. This surprised me. I don't wish to jump at shadows, and I'm not inclined to wild conclusions over it. Nevertheless, it is certainly noteworthy and interesting, if nothing else. I fail to see how it can not merit contemplation. Because let me assure you, the management of REH will be well and truly aware of it (not that I'm suggesting that are primarily driven by the cycle). If it's of interest to them, then I posit that it should be to you.



"The analysis and the decision to buy REH was purely mine alone. I didn't follow anyone's lead."

I may not know you face-to-face, but I know well enough from you posts, not to be surprised by this at all. I would expect that to be the primary modus operandi of any capable investor.



"By reading the posts in the SDI forum, I get the impression (might be incorrect) that there are some here who end up becoming SDI shareholders because of the influence of some influential posters even though they themselves haven't done proper analysis on their own."

Each individual will take their own approach to investing. You, or I, have minimal control in that regard.



"By the way, reading others' HotCopper posts is not enough to count as proper analysis."

Surely you don't think that's what I'm all about? I'm surprised if that's what you think. It's most certainly not. Nevertheless, intelligent input or useful information is of value wherever it may be found. Of course, it is up to each of us to make our own determination about what is and what isn't of value.