Selling at a significant discount to our estimate of intrinsic value and at only a modest
premium to tangible book value, we think News Corp offers a compelling risk /
reward profile.
As you might have thought the growth companies would do well, you would no longer talk about a
premium for growth companies once you discover that it's a value company, once that has lower growth prospects and
sell at low prices rather than high stock prices, which have provided a
reward.