Investors Bankers fail to realise that we are under no obligation to buy any share – no matter how important it is to them personally. We own perhaps one in 10 companies that we could own, therefore any offer they make to us has to be in the top 10% of our investment opportunities. Investors Bankers fail to realise that we are under no obligation to buy any share – no matter how important it is to them personally. We own perhaps one in 10 companies that we could own, therefore any offer they make to us has to be in the top 10% of our investment opportunities.

We essentially need anything that allows investors to better understand and value the company independently rather than rely on biased and asymmetric information filtered down through an investment bank.