Yes I understand your maths Watto and also your strategy.It's...

Yes I understand your maths Watto and also your strategy.

It's solid....but IMO applied to the wrong share.

I'm afraid I am not a TIM supporter though have held swags in the past with disastrous results.

I think their business model is highly suspect and their debt levels are just way too high.

Despite what Sol R might want to posture, TIM is not a finance company running down a book with locked in profits (like RHG)...he is in agribusiness and will swallow up all of the cash coming out of the book run down and put it into agri.

The Intelligent Investor has been mesmerized by the annuity income as well...but an income earn is only as good as the free cash it generates and I believe shareholders will never see any of it becasue TIM will spend it on a new and very suspect business model.

TIMPB is definitely the share to hold if you want a TIM holding.

Why others don't hold it is just one of those mysteries of an "imperfect knowledge" marketplace.

For example, I went to a TII seminar two years ago where they pushed the benefits and strength of the TIM business.

I asked a few of the TII subscribers who were there about TIMPB and they said "huh?"

Like advertising...some people get the message the first time...some are still oblivious after seeing the same message 100 times!