Acaca15It was a reasonable discussion until your last...

Acaca15

It was a reasonable discussion until your last post.

Nothing wrong with playing the ball rather than the man, Cam raised some good counter argument if you disagree why not offer a rebuttal.

There has been movement in average lock up days (debtors + WIP) but the larger reduction occured from FY06 - FY08 not since FY08.

average lock up days

FY06 118
FY07 112
FY08 101
FY09 100
FY10 96

Cam

Thanks for the discussion.

I don't think my position overall is too different to yours but you are certainly more up beat about the business eventually returning to better times and achieving some growth.

Even though times have been challenging there are businesses across challenged sectors that are performing well, BRG & PMV in retail for example. They are doing so because the managemnet has some vision and is driving the business ahead of competitors. WHG strikes me as an also ran these days, there is nothing discernable that makes me feel they have institutionalised a competitive advantage of any type.

While Cash earnings maintain at this level you will get your 7% + fr credits dividend, you may even be able to get some Capital gain if you patiently buy the dips, wouldn't it be better to invest in a business however that you felt had stronger more near term growth prospects?