Anton Tagliaferro, Investment Director at Investors Mutual, says that he used the share price weakness following the recent sacking of Orica’s CEO to add to their already existing position in the stock. In a recent roadshow presentation he used this example to illustrate the opportunities he is still finding in the market despite relatively high valuations in many companies. Tagliaferro notes that Orica is the world’s largest explosives manufacturer with global operations and more than 50% of their earnings generated offshore. “The fact that the CEO left and the share price fell 10% is a bit of noise to us. I’m not sure who sells their shares on days like that. It’s often hedge funds and quant machines… I don’t think it is sensible investors who are selling their shares on days like that.”