I decided to listen to the YMYC interview with David Buckland. I...

I decided to listen to the YMYC interview with David Buckland. I think you are not understanding what "Through the Cycle" is and what RM have done. In his interview he clearly states that they sold out due to the potential blocking of the Vocus/Amcom merger by TPG and that the current share price was above their value. None of that has to do with business cycles, seasonality or trading. They clearly state they are long term value investors and they have sold out due to the share price running over their value. Warren Buffet would have done the same. You weigh up the risks, you look for value and you make a decision. I own Vocus and I am not selling. I think the odds of TPG blocking are small and the potential upside is worth it for me. My value on VOC is north of $7.00 and I am comfortable holding. Then again, I only paid $1.66, its my money and I am not responsible to fund holders. You have again proven that RM did the right thing by his fund holders and acted ethically.