Ann: Appendix 4C - Quarterly Report with commentary, page-107

shorting isnt a problem. algo trading actually smooths out flows and provides liquidity where otherwise there wouldnt be any

but they shouldnt be allowed cents in the dollar execution fees. thats how they mislead retail by throwing huge volatility in - which they can do because it costs them almost nothing for price discovery

but none of this is relevant to BUD at all.

BUD is where it is because of mgt and business outcomes.