In quoting Nate Silver, we need to separate the "signal from the...

In quoting Nate Silver, we need to separate the "signal from the noise".
The noise is the RC and all FUM companies being basketed together.
The signal is
a) Is the business model of IOOF broken?
b) Has my investment strategy and assumptions changed?
c) Is management fulfilling the promises they have made to the market?

When I look through the results, I answer No, No and Yes.
IFL is not a Fairfax. The business model is sound and is growing, both organically and by acquisition. IMO, there are no more or less competitive threats.
For the second point, I have to again answer No. So the share price will jump around. The market will not always get it right. The market will correct on both the upside and downside.
For the third point, I have to answer "Yes" CK is delivering in spades. Yes, today's result was "messy" with lots of one offs, but looking through that, I can see a well run business with a CEO that is focused on shareholders.

HT1