Ann: Investor presentation - IOOF FY 2018 results, page-66

Apologies, I may not have explained myself clearly. I only meant the market leverage on some financials is used as a method of shorting the entire market as well as the individual stock. Some long short funds write about this approach when they wish to short a market, if a financial with their inherent leverage is used it will effectively increase short exposure for the same short borrowing fees* (and remember funds must be placed in an offset account as equity to be able to short a specific stock, so shorters are limited in this respect).

Agree with your last comments, as I have been buying over the last few weeks. Good luck to the shorters, it does no real harm to IOOF. Though the RC seems to have turned into a bit of a witch-hunt.

Have had a few wines before writing, so hope it makes sense.

* Though my understanding is these are stock specific and depend on supply and demand