Thank you for your kind words. I'll add a couple of things...

Thank you for your kind words.

I'll add a couple of things regarding RFG's suite of businesses before I get back to work myself. In food, anyone under thirty is after experience rather than purchase. Witness the fall in traditional clothing purchases. Under thirty's are only interested in two things: leisure and novelty. BUT, when traveling even small distances will eat at a known franchise rather then try a local independent. Maccas is the default choice for most Australians. This is the power of brands and, alarmingly, the unbelievable and visceral pull of comfort food and the coffee addiction so many people are victim to. Middle to old age people flock to new tourist meccas but will only eat at Coffee Club. The psychology is quite astounding. Next time you go to Noosa or the Gold Coast have a look for yourself. Brands that insinuate themselves into the millenial will be the next big thing.

The suite of business in RFG might not be the bluest of chip, but they'll last, in my opinion, because of the base level of desire in the products offered. And they are not high flyers.

And I couldn't let this go without mentioning - by comparison - Dominoes. Hysterical p/e, media savvy, monstrously tech driven and cool. Relentlessly ramped and courted by the industry as the future of things. How please was I when - as I predicted - the share price halfed? Well, very. Icarus complexes always fail. Brought down by a tech ceiling, growth ceiling, and underpayment of staff. And a dividend of about 1%.

Even with Australia's demented ideal of limitless new ideas in food, there's still scope for what I call a 'franchise lite' concept.

More on that another time, but in the mean time sometimes slow and steady wins the race.