Ann: December 2012 Appendix 4D , page-11

Hi Camden, can you perhaps reply in the SAI thread as to why you think it belongs in the "Deep-Discount-to-Non-Grower-of-Intrinsic Value" Category.

I don't think that this is accurate - it's in fact probably closer to SGN (although not as bad as SGN was a few years back) and has grown by over-the-top acquisitions. Ir's a very capital light business model... but organic growth is limited. There is no competitive advantage that I can see, so it will probably achieve returns equal to it's WACC on any re-invested capital.

And it's certainly not cheap in my book. Especially when viewed on a free cash flow to enterprise valuation perspective.

Cheers
V

PS: Fantastic post by the way - my focus is on quality businesses that can grow intrinsic value over the long haul for similar reasons that you mentioned.