whats going on?, page-11

Hi Brian,

Sorry to find that AJA didn't work out for you.

Personally, I still have faith in the business: it's still generating nice free cash flow (relative to the market cap). Japan's real estate market is stabilizing, debts have been refinanced for the next couple years. I truly believe it's the bottom of the curve. It may keep bouncing at the bottom for the long while, and I do hate some of the decisions the management made, such as the share consolidation, however as long as it's paying healthy dividend, I am not going to sell out my holding.

On the contrary, it seems that no one is interested in AJA: traders are gone, and long term investors (like you Brian) are also leaving. It may be a good opportunities to accumulate. AJA was up to 20% (my limit of maximum position on any one share) of my portfolio a few months ago, now due to the drop of AJA SP, and the appreciation of my other holdings, I am looking to get it back to 20% if and when the SP drops to closer to $3.

Good luck on the TLS investment. I had a quick look a month ago, TLS does look attractive from the quantitative facts, however I need to do some more research to be convinced it's a good investment target.

All the best.

Snowfree