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We invest in a world of inherent uncertainty. Information asymmetry and constant change are unavoidable features of markets.
So, what do you do when you see a stock – perhaps one you own – fall more than 40% in a short space of time? Do you count it as a loss, an expensive lesson, sell and move on? Or just freeze like a rabbit caught in the spotlight, holding what you have, hoping for a price recovery one day? [Read more…]
In general, we look for cheap, ugly, obscure and otherwise ignored companies where a mis-pricing is likely to occur. AFY – a fast growing company with a consensus FY18 P/E (price over earnings ratio) of ~41x – appears at first glance to be the antithesis of this, so why do we own it? [Read more…]