well done asb, page-2

Yeah, well I thank the bears.

Originally bought a few from the bulls many years ago - not much fun.

But after the bears took it down to 44 or so bought some more at 87c in 2003, but this time off the bears.

In January spotted bears again, checked the cash hoard on the balance sheet, low PE, and LT market position etc, and backed up the truck. After selling a few recently several fold what I previously ever held.

Moral of the story. Much better fun haggling with the bears than the bulls.

At $3 still an undemanding PE for a well managed world leader in a growth industry segment. Huge barriers to entry - mostly the years to develop the necessay track record in the larger vessel sizes. A little wary of Browning, a little uneasy about owning a military contractor, but otherwise this stands out as a gem.

EL