careful, page-72

Given your obsession with facts WBL...interested to hear your justification of the following statements:

"That's why Orbis identified the unprecedented investment opportunity here in Australia."

My understanding is that Orbis were set up in Australia a few years ago by Simon Marais who migrated here, and they run large Australian equity mandates for Australian institutional investors. Thus, Australian equities is there mandate and no discretion to invest outside Australia.

"Their clients are long-term investors."

Their clients are no different to most investment managers in Australia...primarily large superannuation funds, who flick investment managers around once every four years, and typically when underperforming. Just like any other manager, if they get the boot, the new manager or a transition manager will be given the portfolio and unwanted stock will be liquidated within a week or two of termination. To date during the crisis, superannuation funds have been patient with their fund managers, but I would not be surprised to see an increase in turnover of managers over the next few months. Let's hope Orbis has a convincing story and superannuation funds have patience.