In a business that is generating an attractive return on its...

In a business that is generating an attractive return on its capital for only, perhaps, the second year in its history. Will the pendulum swing back? Is there a temporary industry-wide lift in profitability, or is there a structural change occurring within FRM?

Not sure I buy this.

Anyone could have purchased FRM for $0.05 a share in 2011 when they reduced debt by $3.228M in one year. If someone was looking for an attractive return on capital they would have missed a 32 fold increase in their investment at the current sp. When FRM was $2.7 that would have made it a x54. This might give some perspective as to why some of the larger SMSF etc. have lightened their positions.