THE RATIONAL INVESTOR

Stocks are simple. All you do is buy shares in a great business for less than the business is intrinsically worth, with management of the highest integrity and ability. Then you own those shares forever. I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.

May 20, 2008

中国国航0753

Total shares: 122y * 5.6 = 684y
book value: 312.6 y Net asset per share = 2.63
earning 2007 = 46y?EPS = 0.37? PE at 5.9 = 15.9

07 Annual report:
http://www.hkexnews.hk/listedco/listconews/sehk/20080410/LTN20080410452_C.pdf

澳門航空有限責任公司（51%）、中國國際航空貨運股份有限公司（51%）、山東航空股份有限公司（22.8%）、深圳航空有限責任公司（25%）及國泰航空有限公司（17.5%）。

国泰17.5% * 620.98亿(at 15.76) today = 108亿

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