Undervalue?, page-50

As far as your earlier comments about their outsourcing and Capital light nature (and lack of direct control over trading and banking platforms). All I can say is you're obviously not familiar with the technology used by some of the larger (non bank) platforms (with valuations much larger than SWF).

Irrelevant.

The choice for me is not investing in SWF or technology belonging to other platforms (bank-owned or otherwise).

The choice is investing in SWF or one of the thousands of other companies listed on the ASX.

And my opinion is that when you have a business that outsources just about everything, there is no margin for error anywhere in the system.

If CommSec crashes, CBA barely flinches.

But if some part of the SWF ecosystem crashes, there is existential risk.

Others - such as yourself - might be perfectly happy and comfortable investing alongside existential risk; I have no carp with that.

But its not for me.

PS. Have a listen to the response, on the Coffee Microcaps presentation during the Q&A session, to the question about the degree of investment in cyber-security. Tell me how much assurance you, as a business owner, derive from that.