If memory serves me correctly, you and I exchanged messages a year ago on SPD board, during whuch time we doubled our money. I view CBT at $14 as favorably as SPD at $18 a year ago. The only contingecies which shake my conviction would be either losses or an indication that CTB could not earn at least
10% ROE, say $1.50 EPS, on average going forward. Absent these contingencies I hold with the belief that, "you can pay me now or pay me later". The longer I wait the more book value goes up and my target increases a two times book value, while I collect a 3% dividend, which is increasing.