ords research note, page-13

Ds, beautifully put, couldn't count the number of investment themes that have been put in front of me with all the beautifully structured thematics. Basically crap from punters that do it for a living, day in, day out. Opportunity doesn't roll around all that often and you need to be able to sort the wheat from the chaff on your own terms.
Mind you Ords have put me into a few crackers over the years, Scitec (50x bagger on ops) & others, but my fav Memtec (great ride from 55c to 4500c and a fascinating story) - http://www.companydirectors.com.au/Director-Resource-Centre/Publications/Company-Director-magazine/2000-to-2009-back-editions/2000/July/Tales-from-the-corporate-battlefield-the-Memtec-story
US Filter basically bought Memtec to take out the tech and rather ironically it's now a major division of Siemens: http://www.water.siemens.com/en/about_us/legacy_brands/Pages/memtec.aspx
Moral of the story, a good broker will give you great background & financials but their forwards generally suck, you need to be able to make your own value judgements on a risk/reward basis.