you right. Though one thing Packer has in his favour, he does not posses the 'take over the world' fevour. Murdoch holds this mentality, which I personally find ridiculous. Also, majority of PBL's income is derived within Australian soil, therefore currency differentials are non-existent and currency hedging can go terribly wrong. We saw this with Pasminco, SGW - currency hedging concept is the same no matter what sector the business is involved in. The other thing is, Packer has a better chance of turning PBL around as his business focus is micro, whereas Murdoch's focus is far too complex and destined to fail on a macro basis - there are different business units in different markets, currency differentials etc. Even though Murdoch has diversified geographically nicely, he is more at risk at failure as his debt position is simply incomprehensible. Both are bonafide businessmen in their own right, in the 1980's, not the 21st Century imho. Murdoch, Packer, Skase, Bond, Elliot - the five Aussie doofus's. Bring on the new blood with high integrity and high work ethic.
