He he. Yeah, I perhaps wouldn't use the words "investing in it"....

He he. Yeah, I perhaps wouldn't use the words "investing in it". You probably know that I generally aim to invest in "quality", for keeps. But as much as I might want to put myself on some kind of pedestal and claim all sorts of ideological reasons for doing so, the reality is that I believe this is, usually, the surest and easiest path to long term wealth creation. The fact that a business that's led by honest and competent people might help me sleep at night, is an added bonus. If I get any kudos for being classed as some kind of "ethical" investor, well that's the cherry on top!

However, I am acutely aware that in the game of investing, your best friend is rationality rather than ideology.

So, as much as "quality" might give a safety margin, even at a "somewhat elevated price", when something looks like it's dying, and is at a very low multiple (to book), well that may present a margin of safety of a different sort. But a margin, nonetheless. And if it's a gift horse (if, I'm not ready to draw that conclusion yet), who am I to look it in the mouth?

So yes, you've piqued my interest.

But really, I don't see this as being that different from when I invested in IFM. IFM, at the time, was definitely not an asset play, but the sustainable earnings trend, on the surface, painted a gloomier picture than what I thought was the reality (for a number of reasons). I bought, not with the intention of making a lifelong commitment, but the value on offer seemed compelling.