sun has set on the golden age of banks , page-11

MM,

You see, I don't quite get that.

If you don't follow a company's cash flows (and you don't need to be a forensic accountant to do so, you simply need to open the annual report on the Cash Flow Statement page), how do you value the stock then? Or do you simply not invest on the basis of value?

And, with respect, I think you need to check on what should be meant by "weathered several storms and come through"...to me when companies need to invoke the safety net of the equity market to secure funds to plug holes in capital shortfalls, then from an equity capital provider's viewpoint, that should surely constitute a form of succumbing to the storm.

As case in point, ASL's capital deficiency is very much evident in the fact that this company has only generated FCF one year in two. And over its listed life, in aggregate, it has generated no FCF.

As a result, it has had to come to the market to raise fresh equity capital just about every second year. Over the past ten years it has raised a substantial $240m. To out this into context, it and paid out a mere $67m in dividends.

As an equity investor, I define an investment as something that puts money in my pocket every year, not take it out.

So, given you don't appear to be an overly value-focused investor, how would you define your investment philosophy? It sounds like you might be a "newsflow" investor.

Good luck with this evening's ASL AGM. Hope the newsflow pops the share price for you.

Cam