Ann: Change in substantial holding, page-29

I encourage all those who disagree with neutralnn to recognise that a dissenting view is valuable.

I think they are incorrect on several points. Comparing revenue with size of losses is not useful. The past doesn't matter, only future earnings.

Cash flow is more germane. I have observed TNT retain enough cash to operate for 2+ quarters since it floated. I expect this to remain true for the immediate future, but it relies on the resolve of the top few shareholders. That resolve has limits.

Neutralnn is dead right that the clock is ticking. I'm looking for some quality leadership from the new management. So far, the signal is mixed. There is no magic acquisition strategy that will fix this. The company has to earn more money. It's easy to make a little money with services but not a lot. Thus, I urge management to focus on product.