I value the BUY and HOLD decisions slightly separately, e.g. I like to buy at a discount where there is value for me as an investor, the HOLD is different i would hold a company that is doing well even if that value margin is not so large anymore, so my buy and hold is different. I guess for different types of investors different prices are applicable, e.g. if you were a international bank like mentioned above buying at current levels could open up new markets, new technology and possibility of expansion into markets you would like to move into - using the infrustructure in place from a company like Capitec would be easier than to move into the market as a totally new entity and start - here you have a company with wonderful growth prospects that is generating cashflow, for an individual investor that couldnt use those above mentioned factors to their advantage i would say one needs more of a discount on price. I wouldnt buy right now, but this could change when they release earnings and asset values again, that could make the discount factor higher... sorry for long message, but i really like the idea of corporate strategy etc.