Ann: FY23 Results Investor Presentation, page-36

ROEROC - yes there is a reduction in statutory NPAT. The conviction in your view is a bit puzzling though, unless you have granular details which demonstrate the overpriced acquisitions. Could this not be owing to worsening market conditions which may reverse? Why are you so strong in your view? I understand the position 'rollup = bad', but this may not be a case where management is trying to con the market. The founder owns more than half the company and that would certainly not be in his interests. Not seeking to provoke, I just see your viewpoint as overstated and am curious. I suppose you could say to that, 'better to be safe than sorry'.