AgM update, page-149

Took advantage of a tax deductible trip to Auckland to see the A2m agm.Didn’t make the mistake of last year and go to wrong town ‍♂️Key takeaways for me were the better than expected margins. Lower anticipated margins was a reason a few fundies had recently exited as well as a lack of trust in the ceo.I made the mistake of underestimating GB years ago so I wasn’t going to let personal character opinion get in the way this time.More than a few shareholders were worried about the foray into the USA.Dean Foods that has been around for 90 years and is a failing business. That was passed of as DF being old fashioned in the commodity milk business, A2 is in a different segment altogether, apparently. For me the fact they’ve given up on the uk milk business they’d been in since 2012 is not a good omen.But, the ceo sees great success in the USA and will accelerate growthIn China they need to increase channels whilst maintaining the reseller market.Great results in China and they see this as only the beginning of an exciting market to play.Re competition entering the space, not concerned. New players will only grow the category. A2 will keep building on brand strength and that is a2m’s long term competitive advantage.Re new products, they will be careful not to spread to thin and stay focussed on key products.So in short, China great, aus solid and USA hopeful.As a fomo investor I’ll be staying well invested