If one paid 20 or 30 for AK then it was out of extreme optimism or speculation. Folks paid much higher prices for many shares including Neveready & Olympia. Or even for solid firms like SCBK [330], EABL [420], etc
Look at KK when it was trading at 16 due to optimism that Puma will pay 20. BTW, I did think Puma would pay at least 18 but I was hoping for 22. I was wrong. Dead wrong. Today, if someone were to offer me 15 I would bail out. At 14, I would give it some serious thought. At 13, I will consider it. At 12, I would remain open to the idea if I could re-invest the proceeds elsewhere & it was a quick deal [not waiting 6 months].
Therefore it does NOT matter if you paid 30 for AK. That is history. The value is not 30. The expected 2013 EPS is 1/- which would imply 30x PER. Even if the EPS for 2014 was 2/- that's a PER of 15. There's an OPPORTUNITY COST to every decision
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett