more fa please, less hype, page-2

Hi MGMA,

In my view its not a fair comparison to compare the current performance of JB, DJS, HVN & BBG like you have done....

when you buy a share....you buy so on the expectation of future earnings...not past performance....

All 4 of these businesses are in different stages on their business lifecycle...BBG's intagibles are high right now because they have made the big push into retail in the last 3 years and have bought a lot of other retailers to get there....where as HVN, DJS & JB are what i would argue on the mature side.....when the world economy recovers....whenever that happens....Billabong will benefit more strongly as these new investments pay off.....and as it can capture value in its industry through the wider industry value chain.....i.e. it can capture the value of its brand....as a whole saler and retailer.......also it benefits from a global prescence....

I think a fairer comparison company to use to assess Billabong is SFH...specialty fashion holdings....another ASX listed apparel company that like billabong operates through its value chain....if you compare billabong to sfh....you will see that its a better buy on every metric....