"But the extent to which shareholder value gets created (or...

"But the extent to which shareholder value gets created (or destroyed, for that matter) all comes down to a bit of aTrust Garryexercise, I feel, and while he does own 10% of the company, that in isolation is no guarantee of success, so I feel I need to listen and learn more about him, because it strikes me that he is a bit of a key man here."

For microcaps, there is typically key person risk.

From what I've seen, he is passionate about how the company can help everyday Australians, and has a plan to grow profitably. It doesn't seem like he's doing this just for a 9-5 paycheck. I personally ignore the long term aspirational targets because often the recent progress tells me enough. For example, prior to taking over, SEQ was a collection of financial service businesses. Many of them were not delivering satisfactory returns. Since he's taken over, he has focused on generating satisfactory returns across the group. With satisfactory returns in place, he has driven organic growth while maintaining costs, as well as bought in new ones while not betting the farm and not overpaying.

A long way of saying, he's earned my trust over the years. I'm a long term shareholder because I expect Garry will continue with what he has been doing: grow profits without excessive risk. And as a shareholder that's all I can really ask for.

While I would like to see the share price closer to fair value, it is not a bad thing that I haven't been faced with the hard choice of selling on valuation grounds.