Ann: Appendix 4D and Interim Report, page-2

Before reporting season, I spent two or three hours looking at this business because, prima facie, it looks cheap, especially given the growth opportunity that is said to be on offer.

However, the thing that worries me is the paradox of:

The more successful this company is and the more effective its products are, the more it reduces wrongful behaviour.  And it is out of wrongful behaviour that the company generates Revenue

Hence, the more successful it is, the more it ultimately ends up cannabalising its own Revenue.

Riposte/rebuttals/countervailing views welcome

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