Ann: AGM MD Address and slides, page-32

It's dystopian, but we had glimpses of it in the last couple of years when supermarkets ran out of not just toilet paper but a few other ranged items.

LAU et al couldn't quickly come to the rescue because production could not keep pace with the (short term) demand.

On my first overseas trip years ago, I was in Peru. Inflation was rampant, so we had to pay for air and rail tickets with a huge stack of notes (no or few credit cards then).

Retailers are implementing 'just in case' inventory models so the media informs us, but LAU when carrying fresh produce can't store everything for ever. Apples yes as I understand it in a cool store, OK, but not all vegetables and fruit.

Stop being so prescient, fredofrog. I can't match your insights, but as a simple ascetic soul, I like to think I can see 'value', and LAU has that unless there's a massive consumer purchasing downturn in 2023, which we can't rule out given interest rate rises and possible increases in the unemployment and underemployment rates, as well as further falls in house prices.