Even at 15x it can be volatile when the market moves, as is the...

Even at 15x it can be volatile when the market moves, as is the nature of an investment margin type of business. (Note that i'd still be buying at 15x P/E)

When times are good CGF is very strong, when markets are bad it can crumble. Will be very interesting to see how we fare in the next big crash. Madam, thoughts on our profit margin's resilience to 20+% market moves downwards.


I don't give market movements - or potential crashes - a single minute's thought, because they can't be predicted and totally outside of the list of things that CGF management are able to influence.