To that extent, we will place a maximum buy price on them. This will be adjusted as time goes by, reflecting the passing of time, results announcements and newsflow. It may be that we never buy shares in any of these companies, because we may consider them to be perennially overvalued, as many great companies often are. However, we want to be ready to pounce should the market throw up some attractive investment opportunities. But, we're not perturbed.
Great companies see their share price regularly hit new highs.
For value investors, it doesn't matter how much the share price went up or down last year - it's whether the shares represent value now that matters. Dell are simply one of the most efficient companies on this planet. The balance sheet is extraordinarily lean. We won't go into the details here, but Dell generates oodles of cash because it keeps money sucking stocks and debtors to a minimum. Capital expenditure is relatively low, and creditors are on the increase.