annual report

I just received my hard copy of the Altura Annual Report in todays mail. With everything online these days, perhaps I am a bit old school, however I think that there is value in having your own copy of these documents for companies that you are long on. These documents are intended to have a long life and provide a good summary of the company. You find them in the company's reception and form part of any due diligence so they are a primary document for assessing shareholder value. I also like to compare what is said one year to the next so that you can see if there is consistency in the strategies.

This document goes one better on last years. There is still the consistency in the look and feel, but also in the strategy and sentiments. AJM doesn't just act like $250M+ company it presents like one. If you are lucky enough to receive a hard copy then compare it next to last years which I thought was hard to improve on it shows a consistent strategy with documented progress. Companies 10 times the size of AJM would struggle to produce such a good looking piece of work.