"Yeah, not sure that you're right this time. I owned MVF some...

"Yeah, not sure that you're right this time.
I owned MVF some time back and looked up my notes which offered, amongst other things, the following:-
- Around 2015, about one third of the professionals employed by Monash wrote a letter to the management criticizing the company's culture
- In 2017, the then CEO announced his resignation which was about the same time that Dr Lynn Burmeister, one of the highest profile specialists in Australia resigned and left after a disputed court case
- Later in 2017, David Morris was appointed CEO but resigned after spending less than one year in the job
- In August 2019, 5 specialists resigned, as you mentioned"

Yes, I recall following and owning the stock during all those events.

One would expect that all that disruption and consternation would de-rail the business and cause it's future financial performance - which I believe is the ultimate test of business resilience and durability after such a sequence of negative events - to be severely impaired.

Instead, what happened between 2019 and now are the following:

Revenue increased by 77% (11%pa CAGR)
EBIT increased by 41% (7% CAGR)



When it comes to assessing business resilience, I take my cues from how companies actually perform when their circumstances sour, and those are hardly images of a business that easily becomes imperilled by adverse internal events.

If, during 2017 and 2019 someone posted on HotCopper that, in spite of the seemingly critical issues you listed, the company would be doing 70% more business in 5 years' time, that person would be taken away to the asylum. Yet that is what happened.

So this is clearly a business model that somehow manages to keep chugging along despite errors made, as opposed to collapsing in a heap because of those errors.

.