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  Picking up on just one detail, I would strongly suggest that applying simplistic non-specific benchmarks like P/E ratios to any resource company is both meaningless and very dangerous.  Very true, as this article amply illustrates: http://www.fool.co.uk/investing/2014/05/12/play-the-percentages-with-bp-plc/

Sorry- double post because of connectivity glitch, now deleted

Thank you, Mark, for those interesting comments. Undoubtedly your approach has been the smart way to play RCP since 2006 (whereas from 2003 to 2006 and indeed from 1995 to 2000, LTBH would have been all that was needed). If the company adopted the measures you advocate to manage the discount/premium to NAV, it might do your trading strategy a disservice! Best regards

I'm glad to see you generally positive on RCP, Mark. For me too it is a significant holding, though by no means my largest. Yes, the NAV performance YTD has been strong. But it needed to be after a very disappointing run throughout 2011 and 2012. Likewise today's SP is barely above its September 2008 level. I have held since 2006 and my annualised return…

Our local branch of Nationwide Accident Repair is a sweat-shop that goes all-out for throughput at the expense of quality. After a disastrous job they did for us, I would never use them again, still less invest. If they are now reaping the results of their attitudes to customers, I wouldn't be at all surprised.




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