Steven Schalit - top 20 shareholder????, page-8

It is interesting in hindsight for sure.

Maybe there was a lot of pessimism within the company at the time - in some ways, as an investor removed from the daily cut and thrust you can focus a little more easily on the deeper value potential.

Compounding this, if you were an insider and you had the resources to buy significant shares:
a) you probably already invested heavily in 2011 when the future looked bright and you felt you had an inside line as an employee to go overweight
b) in 2015 you were worried you'd lose your job and you probably didn't want to increase your exposure to NRW.

Which all goes to say that value investing is a dish best served at a distance.

Sabine: I just made that up so it seems clever to me but it doesn't really mean anything.

Cheers,
pb