Joewolf, thanks very much for such a thoughtful and fact-filled response. You have enlightened me.
So it seems WBA has perhaps had two bits of good fortune in the last year or so: getting a good price for its TGL stake, and Gunns' walnuts coming onto the market around the same time.
Bottom line is that it's outcomes that count - and whether WBA is where it is today through good management or good fortune (seems to have been a bit more of the latter than I realised) hopefully won’t matter too much in the scheme of things.
What will matter is the extent to which management can extract value from what appears - to me at least – to be an asset base with quite a lot of potential.
WBA Price at posting:
46.9¢ Sentiment: LT Buy Disclosure: Held