Undervalued Artisan

Disappointments 5 and 10 years ago, come on SLL, what about the disappointment in 2006 of losing half of the value of your holding if you do not hold a tranche of shares exactly divisible by 6000? The only thing I agree with in your post is that it is a "no-brainer": it is most definitely that but for the opposite reason you give. Why on earth should you have to go to the expense of buying a further tranche of shares to make it to a total divisible by 6000 (that's expense of shares themselves, broker's fee and stamp duty - not a small sum!) in order just to MAINTAIN the value of your holding? That's daft, SLL. If you had to do that with every shareholding in your portfolio you would never make any money at all. You'd probably lose a lot! You do realise after buying and selling for some time that you make the worst buy/sell decisions when you make that decision under pressure. Giving you no choice but to buy in again to maintain the value is such a pressure and it is immoral as someone is seeking to benefit from the pressure applied.

You haven't begun to explain why the performance of the company has been so bad against a backdrop of rising property and land prices over a decade. What have you got to say to people who invested at 20p, 14p and 11p over a decade ago and have been exceedingly patient? Don't you look at performance when you make investment decisions? It's what most people do!!!!