The BREAKUP

HUGH FLETCHER:

'It's the Warren Buffett story. You take the management with the most brilliant reputation, you take the industry with the most lousy reputation for destroying value, combine the two, and invariably it's the industry that emerges with its reputation intact'

RODERICK DEANE:
'The problem in the last decade is, in a few but very significant cases, overpaying substantially for assets relative to their economic value. And then not being prepared to exit or adjust those positions quickly'

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