Can only be China, page-14

I enjoy the banter 2000.

Remember the golden rule size doesn't matter.

The Dodgy Brothers don't necessarily have to be small, they can be very big but they need to hide in unregulated places.

The largest company on AIM that you mention is BooHoo ( are they taking the piss). On the disclosures they are going Gang Busters growing sales at 40% pa with 10 % Ebitda

Because they are on AIM they seem to be able to create their own rules about EBITDA by defining EBITDA as EBITDASBPCAEI by adding the following note.

1. Defined as profit before tax, interest, depreciation, amortisation, share-based payment charges and exceptional items.

The fact that they are growing sales by 40% means nothing if they are buying other businesses by issuing more shares.

We have had our market darlings like ABC learning. They were trading at aPER of > 20 and acquiring child care centres at 3x EBITDA. Woopee just made a 7x profit by letting a poor soul off the hook of running a very difficult business. Of course the market takes a while to wake up to the fact that growth by acquisition is no growth in those situations and elevating a PER because of the false growth is a road to ruin.

Nema constructions had unbelievable growth by winning work without concern for profitability until the day of reckoning. When the music stopped the penny dropped and some bright spark figured out that NEMA was Amen spelt backwards.

How does it work for you holding shares on the ASX. Do you take a bath on conversion of currency when you buy and sell?