If you go through the last conference call, management acknowledges the difficult last 7-8 years and finally the tide has turned favorable with strong tailwinds. If anything the past has taught them to be more conservative and they are diluting and raising capital cushion probably at the right time.
While discounting business performance and capital allocation track record we should also be considerate of the operating environment and challenges thereof.
Disc: Invested from lower levels, booked partial profits in the 1400-1500 range.
