Frankly t he Grindrod t rading up d a t e l o ok e d b e t t e r than expected with weighted (adjusted for new shares issued) HEPS for the si x months ending June only expected to be 14% to 18% lower. That said, the company r ea l l y needs a posit i ve t ur n i n commodities to f i re on al l cylinders. But this is the new-look Grindrod, with strong logistics helping to offset weak terminals and tail businesses; t he l atter being hurt by weak commodities. Aggressive investors may well want to start picking up some Grindrod here, but I am waiting. Firstly, this is not a buy-and-hold stock as its business is always going to be cyclical in nature. Secondly, I hate buying early and would rather wait for some signs of a turnaround.