RE:RE:RE:Almost found a comparable. I agree with Silverbullet here. Patience is important. If you have a handle on your estimate of intrinsic value, price movements shouldn’t impact your psyche (I know, easier said then done). You can be wrong in your conviction that is why you should always seek out opposing viewpoints and check your thesis – I have been wrong before and will again, but I have a largish stake in MCR as it is a conviction holding that in 3 to 5 years I see the intrinsic value as materially higher. This assumes Management execution, obviously, but their significant skin in the game gives me comfort.
There is no real way to force multiple expansion and I see the low multiple and the price below book value as safety nets at these levels. The political headwinds may be somewhat material, but I think a lot of it is noise, and I have a high probability attached to both pipelines getting done and other work along the way – there is strong economic and political pressures in favour of building of these pipelines that doesn’t get the same coverage, but is none-the-less real. There will be bumps and it will be lumpy along the way, something small cap retail investors hate. But if you do your own work, have a solid estimate of intrinsic value and have a long term investment horizon, I don’t see the need to stress over drawdowns. The one thing I really do want to see is material buybacks with excess cash levels.