Sell Your Soul, page-97

I was looking at that I added up the sales and the buys - you have to unpack those that relate to PCG investing through its investment arm. In the end I concluded the sales were to cover the URB investment plus the entire HHL investment including PCG and HHV.

In reality I think that my model suggests that the 10% discount has come back and I am looking for around 16% to 18% so my next buy price is around $15.50.

I am not sure the under $15 are easily done.

As for their strategy I am very comfortable with it.

1. Once the NBN is fully rolled out my relationship with Telstra will be terminated for good... I see Telstra as vulnerable.
2. I think TPG margins will drop but the business division will keep the profits and that over time I expect them to become a player of note again. I see Telstra as the loser...
3. NHC - at present stock values its fairly valued and I did not see the New Akland mine being knocked back but if I were them I would look to their recent acquisition to underpin the value of NHC.
4. Glad they reduced Ruralco - I am not so sure about that one.

Overall if the discount gets up above 15% I am happy to keep investing. Yes I could have sold higher but that is not what this stock is for in my portfolio.