Ann: Trading Update, page-9

No worries Astro, sounds prudent, although make sure you are personally very happy with your position and always take what people say on these boards with a large pinch of salt! I think long term if we‘re allowed to then we would likely have success coat-tailing this team. The obvious risks being retail is in for a tough run in the short term until interest rates turn, bell potter and others may now sell out allowing blundy to get to 90% and you’re forced out then at whatever price and/or they don’t do a good job competing against target, k mart and big w who all seem to be doing better than best and less at the mo.

Blundy’s involvement with 3 billion of investment and retail winnings over 4 decades creates the main thesis that this is a pretty good time to buy into retail and that this isn’t a bad bet. He is playing different games to us though and will never be as agile so whether he gets it at 1.89 or 1.49 he won’t really be able to influence as easily and will take opportunities as close to the bottom as he can. We are able to jump ships and reposition a lot easier, although that brings it’s own dangers.