All true but to properly value a business you can't just ignore their vulnerability to market movements, especially when their earnings are significantly derived from said market movements.
Clearly their investments are overwhelmingly defensive but regardless a broad based sell off will affect their profitability, equity value, return on equity & share price. Potentially long term, it took the better part of 6 years for CGF to recover after the GFC. I don't want my capital impaired for 6 years, even if I plan on holding for 30+ years. So my question is - how do YOU value the risk.
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