Ann: Half Yearly Report and Accounts, page-4

ARB's lofty valuation has become even sillier last week.

I won't participate in their DRP as I believe I can get better bang for my bucks elsewhere.

Their R&D has continued to produce steady stream of impressive and expensive aspirational products for 4x4 enthusiasts all around the world, the latest bring Linx.

My biggest worry is what happens after the Browns retire. They have made it very clear that there won't be any young Browns following their footsteps.

Although they have a number of long serving staff whom I'm sure are passionate about ARB and are very good at what they do, in 10-15 years time when they are running the place, I'm not sure if they will be as good capital allocators as the Browns and John Forsyth and if they will be able to maintain the culture of modesty that is currently present in ARB.

For example, will they be happy with earning salary of only $400k, when they can award themselves with much higher salary and other perks such as options and performance rights?

After all, they don't have shareholdings as big as the founders.