Back in after election trade.One of the reasons I am drawn to the markets is that I can buy businesses without negotiating.
I am a teribble negotiator. Cannot buy a car without paying more than most.
To the people that sold me stock today I would try and talk them out of it.
Tell them that it is bad to sell a stock at book when the roe is in the high 20's.
That I read a Munger interview years ago that simply said that you will earn on your investment, the roe of the co. over time.
And, he was including paying premiums to book.
To sell at 1.5 times EV/ebita should be difficult to do as well. This is a mult that should be found in the most dangerous emerging markets. Not Canada.
That I read a long story in the papers today about one of our prime customers, ENb, and their multi billion budget they intended to pursue in our geographic territory over the next few years.
Thankfully I do not know the sellers, but I would to love to know why they sold... (not really)