how low can this go?, page-386

Btw, I lost money on this transaction albeit small potatoes. I'm a high conviction investor by nature and was planning to build up a decent stake in this business. As it turned out, the less than confidence inspiring behaviour of management at the time put an end to that plan notwithstanding the apparent sound fundamentals and my estimate that it was trading at a discount to its intrinsic value prior to the unexpected downgrade.