Ann: Contracts Update, page-4

On a somewhat unrelated note, MND is demonstrating the value of investing in a high quality business within a beaten down cyclical sector. If you had invested in a basket of businesses in ths sector, on balance you will likely have done well as the cycle started to revert, but you would have had to spend a lot of time and energy examining a lot of businesses, and then you will have had a nervous finger hovering over the sell button, fretting that your realised value may evaporate at any moment.

On the other hand, if you'd bought MND, you would have saved yourself a lot of time, energy and anxiety, and you would have ended with a cyclical business that comes out of the cycle looking like its more than just a cyclical business (yes, perhaps some hindsight bias here, but humor me...).

Look at the way maintenance & service revenues have grown. One thing is almost certain, as the cycle normalises and engineering/construction revenues grow, there is no reason to believe that maintenance revenues will diminish (quite the contrary). That's structural growth.

Buy and forget (almost). That's my kind of investing.