I think franks post above is very salient. The main risk here is...

I think franks post above is very salient.

The main risk here is market risk (now that vertical integration seems to be safe). But at a forward pe of maybe 12 growing at 15%pa the stock is still reasonable value.

I quite like the manage the manager philosophy too. Thanks for the heads up with QVG and MX. I’ll have a look. I’ve recently been buying several lics trading at discounts (apl, nge, for, pai, rf1) of between 10 and 25%. While qvg and mx look to have started pretty well, I find it hard to preference them at nta above the likes of Phil king and Jacob Mitchell at a discount.