Ann: 2023 Strategy Briefing Day Presentation, page-10

I have been a shareholder for more than 25 years but in recent years WES seems to have lost its mojo. Once the company had a strict discipline about rates of return for picking up assets. It doesn't seems to be the same these days as they add bolt ons. You can look back at the purchase of Coles at the top of a market boom and the move of Bunnings into the UK(both under Goyder). Kidman was taken over at the top of the first lithium boom while Target and K Mart have been real hard work. Catch has been a disaster while OfficeWorks has been one of the few good winners.I think the company badly needs to come up with a winner to maintain its reputation. Thank God for Binnings!