Ann: Appendix 4E and Full Year Statutory Accounts, page-5

"I wonder if you have any opinion on IPH at all ."

@gofish100,

I did look at IPH some months ago, (my interest being piqued by Perpetual's large - and growing - stake in the company).

But, try as I might, I couldn't quite get my head around the patent law industry in Australia (let alone parts of Asia, which is clearly IPH's growth vector).

And I have long ago learnt that if I don't understand the dynamics of an industry (its competitive structure, nature of its customer base, supplier constraints, substitute products/services, scope for consolidation, pricing power etc. etc.), then I am liable to get my derriere handed to me on a plate.

Which meant that once I saw their growth strategy articulated (i.e., a large acquisition element, notably offshore), I ceased my researching of the company for potential investing purposes.

The company might flourish and prosper; it's just that I can't get to a position to make a judgement call on it.