Ann: Full Year Results - Investor Presentation, page-55

Haha settle down Madamswer.....this isn’t a dick measuring contest lol....and if it is....I started buying at 7.5 cents and averaging up ......just call me Scottie Pippen No, but in all seriousness congrats on your capital appreciation.....and good work on “pulling out the flowers and no doubt watering your weeds”...... p.s. enjoy the capital gains tax with no discount Lucky you didn’t buy EHL at 3c....to then brag about selling it at 5c Market value = realisable value of assets.....ie what it’s being sold for in the actual private market (>BV) I guess we will wait and see how this plays out......markets are made up of different opinions.....god bless the market! Though I’m a bit confused why you are so passionately angry about a stock you no longer own and it nearly “doubled the value of your capital”. Also humour me with your views on how to invest in cyclical stocks? BOL has gone from $4.50 to 6.5 cents, it doubled to a whole 13 cents where you bought some and then you sold out at a whole 20 cents.....at around 4x trough earnings (EBITDA)......when they subsequently announced a strong future pipeline, increasing utilisation, early signs of pricing uplifts (100% margin) and 150% earnings growth. Pull up ROCE charts of equipment rental peers (Ashtead for instance), you’ll see the long cycles these types of companies operate in.....which is why you need to hold on as long as possible. There are feedback loops everywhere pushing returns at this point in the cycle back towards and typically above long term averages (~WACC).