Ann: OneMarket Media Release and Results Presentation, page-43

(Apologies to OMN holders for off-topic post)

@andy777,

I think URW is fundamentally undervalued, although not to the extent that >40%-odd upside exists if the business was to trade at book value. (It essentially quite a low ROE business, so I don't see it ever trading above book value.)

In terms of where I see opportunities in the wake of the market movements, I think that durable large cap businesses with long and successful operating histories such as AMC, APA, CGF, CTX, FLT, ORG, MQG, and WES are no longer overvalued.

Of these, I have in recent weeks been modestly to my holdings in AMC, APA, CTX, and FLT.

In the smaller cap space, AUB, GUD, MND, SDF, VRT and - on the more higher-risk, higher-return end, CAA, DDR, GAP, LGD.

Of these I have been buying AUB, GUD, MND, SDF - all which I already own - and have just started buying shares for the first time in CAA and DDR (GAP I'm still circling with an air of wariness - it has the feeling of a bit of a value trap to me).

(Again, apologies to OMN followers...)