Ann: Beamtree acquisition presentation, page-18

"Thanks for bringing my attention to PKS about 2 yrs ago. The rationale for investing may have changed completely (haha) but the outcome has still been fantastic."

Yeah, even when the people running the show are totally different to 2 years ago and half the board has been changed out.

I remember the initial investment thesis being not much more sophisticated than,

"Clinical Decision Support Software business, adequately capitalised and at, or about, cash flow break-even - has every chance to be valued at more than just $20m"

But the actual path from $20m Mkt Cap to almost $160m (acknowledging that it accompanied a $22m increase in Issued Capital, so not all of the near- eight fold increase Market Cap was organic) was totally unknowable 2 years ago.

I call this GLaR investing - Gut, Luck and Randomness.

But when I stand before St Peter at the Pearly Gates, and he asks me to cite the 10 most beautiful investments I think I made in my life, PKS/BMT doesn't even get considered for the list.

.