Now times have been bad recently, but even compared to my stunning decision to buy some Drax shares a while back this takes some beating: Not that long ago (about 3 years) ITV buys Friends Reunited for Â£175m. At the time it was: "A key step in the delivery of our strategy to drive new revenue streams for the company." Today ITV sells it for Â£25m: to the publisher of the Beano. Michael Grade gave his own perspective on this sorry tale: "ITV bought it. This management team did not buy it," Now where have I heard that before?