Don't get excited. There's nothing like stress testing a...

Don't get excited. There's nothing like stress testing a prospective investment to provide a little enlightment for all. I'm not here for love & cuddles. I expect you're not either.

Frank talking and a non promotional culture are big plusses that I personally hanker for. It's part of the reason I am here talking to you right now. So great. I'll give that box a big tick. Lovely.

Strong balance sheet, lots of cash and good FCF generation. Yep, love that too. Tick. Now can I move on?

There are many examples of industries that have multiple participants with no key differentiation, that exist in a growing market, where everyone has had to invest to become more productive, but all that has happened is that the consumer has won. The competitors have grown, but have gotten poorer. That's what competition tends to do, unless a few of those competitors have some kind of competitive advantage.