I foolishly bought on the way down because I believed it was worth more than what I paid. But then again so did Orbis.
One thing I like is that the directors have large holdings, so they will only dilute if absolutely necessary. Ironically if the world recovers, trusts like this that have not yet raised capital could give superior returns. Traditionally retail always holds up the best in downturns.
I foolishly bought on the way down because I believed it was...
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