it's tracking between the tram lines of expectation I...

it's tracking between the tram lines of expectation I guess. Still await proof of 'value plus' from a significant investment in sales capability. Certainly one for the patient, speculative investor.

I like the thinking and strategic focus in the US Market. 'Curious Plot' may prove to be a helpful ally for focussed entry. If the product is a truly differentiated offering the potential from a smart entry and execution strategy could be significant.

The carbon program has obvious appeal. I also like the possible leg-up the carbon program may provide for the core product in AU. In addition to this, it would be helpful to understand more about the overall / wider AU core product strategy... and certainly more detail on the future and the performance expectations of the Partner in this key home market.

IMO, cracking the mature and sophisticated markets with innovative differentiation will be the key to creating a sustainable business model, and with real foundation and scale.

Chasing growth in emerging markets is an important overlay, but it will always pose a delicate balance of reward with managing a higher risk profile. The market dynamic in these regions typically demands a higher level of focus and resources vs. actual return. This is my single biggest return with RLF... over indexing in difficult and lower margin regions.