chart, page-18

I wouldn't worry about FLT. People are still going to travel and take advantage of the great offers out there. Distribution is more important than ever and FLT are one of the best, I would expect them to mince leveraged competitors in a similar way to our big banks doing over the smaller banks.

In this market it's all abpout strength and clever management. Who cares about the stock price if the company doesn't need to raise funds. The shorters will be burnt eventually.

I snapped up some FLT's last week and am pleased to have bought them below 4 bucks. An excellent business that I see only having short term stagnation in growth. You never know, they may even get a boost from the $900 a head government throw away.