http://www.fusioninvesting.com/2011/02/unsolicited-and-possibly-u...

http://www.fusioninvesting.com/2011/02/unsolicited-and-possibly-unwanted-advice/

"1. Is there a margin of safety at the current level? I think not, the only way to get see a decent MoS is to use a very low required rate of return and optimistic forecasts. The valuation to the right is from the excellent MyClime service. To get a decent MoS I had to use a ROE of 50% and required return of 11%.

2. True value investors don?t forecast. Basing analysis on what analysts forecast is appropriate for growth investors not value investors. Analysts in general are over-optimistic in the long run.

3.Surely you can find a better MoS else where. If not there is nothing wrong with holding cash and it gives a decent return and the option of buying when bargains do appear.
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