Ann: Investor Presentation, page-8

"12.5% increase in profit and still some people aren't happy.none of them have probably ever run a business"

Exactly.

Part of the problem is the insanely short-term focus of stockbroking analysts who have definitely never run a business and who are more interested in picking the ticks off the latest 3-months' financial performance, with zero understanding how a business creates shareholder value.

In my many years of seeing hive minded analysts getting things wrong, I'm of the view that doing the opposite of what the analyst herd is thinking, is profitable far more often than it isn't.

This business is the "picks and shovels" equivalent for one of the biggest structural changes underway in the technology space probably since the advent of cloud computing, viz. AI, which is going to be a major profit driver for DDR in coming years.

And yet few questions about this dynamic on the result call, with most questions from the analysts instead relating to how "January and February have started".

Shouldn't complain, though: instead, this banality is something to be celebrated, because it has invariably resulted in shares being offered in the market for lower prices than otherwise might have been the case (and, conversely, resulted in buying at higher levels than would otherwise have been the case).

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