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Ann: Update on 1H 22 results and FY2022 outlook, page-123

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    “Trapped by ownership bias” is the phrase that comes to mind here. This isn’t a ‘cycle’, it’s a re-rate (or several) based on fundamental changes. But if one can’t see that by now, they probably never will. I guess the last question I’d leave you with is: if this is a cycle, where is the evidence of previous such cycles in the company’s listed history?

    https://hotcopper.com.au/data/attachments/4559/4559506-6ab104f30979bb18ab34597874e653ef.jpg

 
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