Ann: WTC revenue up 68% EBITDA up 52% NPAT up 48%, on track FY19, page-26

Software is created by smart people. WiseTech started up from a garage and a credit card and only 12 years later it upstaged established US players. There is nothing stopping another up start (or many of them) doing the same thing to Wise Tech in the next few years! Software business is easy come easy go type. If a company becomes greedy and charge customers too much, new players will come in and take the business away. In Asia, I do expect eventually there will be new startups and they will be very competitive in their part of the world and may take the challenge to the rest of the world. US companies have lost market share to an Aussie company. We do not have a new market here. We have a market where one company steals customers from another. Newer players will come and steal customers from WiseTech. Once the garage-based starters retire to play golf, WiseTech will become a normal company trying to defend its market share. The hunter becomes the hunted. WiseTech will have to start paying more dividend and buy back shares to defend its lofty valuation. The share price is very much speculative now.