how low can this go?, page-444

Well I wouldn't put it that way, my entry price is still much higher than yours.

The only hole with what I wrote in previous post is if the TC valuation is inaccurate, in such a case its useless to value this stock by balance sheet, however it is fact in FY18 they received $9.4m in trail & admin commissions, the average TC book value between FY18 and FY17 is $58.88m so that's a return of roughly 16%. Personally I tend to use 10% net return as benchmark to measure return on assets, here we have a gross return of 16% (they need to pay people to manage their TC book), hence I don't think the valuation is aggressive.

Imo only