I found this in the Sept 2013 quarterly report from our new substantial investor - the thinking applies pretty well to Emmerson.
"Our largest exposures currently fall into two broad categories: companies we believe should benefit
from ongoing investor demand for yield; the other category being small cap resource stocks whichin the short term but are confident of very satisfactory gains over the medium term."
traded at compelling value at recent lows. Markets have a tendency to take things to extremes and in
the case of resources valid, though exaggerated, concerns about Chinese growth sent share prices to
levels that implied the wipeout of the entire industry. We believe that this provided an extraordinary
buying opportunity towards the end of last financial year as tax loss selling exacerbated liquidation
from panicked investors herded by commentators that should have known better into believing that
these stocks were not worth buying at any price.
We have commented extensively on our exposure to resource and energy stocks in previous updates
and our view remains unchanged. The fund purchased a portfolio of debt free, cashed up, well
managed resource stocks at significant discounts to underlying valuations. We expect further volatility
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I found this in the Sept 2013 quarterly report from our new...
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