The fellows at Naspers are either lucky or clever or both. They really have travelled a great road since our market bottomed out for a first time last decade in May 2003, the stock was trading in the low twenties and now trades at and around 275 bucks. The company sold their Greek operations, it was not clear at the time, it was not core, but now it is completely clear. The company invested in a start up internet company in China, it was not clear at the time, but now we know why. The real tricky question becomes, how do we value Naspers? Is it an NAV valuation, if you don't balk at the Tencent QQ earnings multiple, Yahoo finance has it at 40 times. Google finance says 36 times. It used to be 100 times. Tencent trades on nearly 17 times book. Revenue of Tencent is one twentieth that of China Mobile. Tencent market cap is one sixth that of China Mobile. What do you think of the company? And how one should value it? Full year results 11 days time on the 29th of June.