Ann: Response to ABC Article 9 September 2024 (Morning), page-28

"Steadfast equity-owned strata insurance brokers contributed approximately 5% of Group FY24 EBITA, with operating margins consistent with non-strata products."

It will be interesting to see how much this low-earning part of the business (5% of EBITA) will cost the Group over the next few weeks in terms of MCAP. Shares already down over 6% ($420 million).

It looks like ethics and reputation do count for something. I wonder how much it would have cost Steadfast to implement controls to ensure proper practices were in place? The insatiable search for profits, resulting in corrupt and unethical conduct, has cost them $420 million already.

They could have acted ethically and earned a little less and made an effort to create a reputation of good practice and satisfied strata owners, and yet, they couldn't help themselves.

Karma is a bitch.