rbs research note, page-2

The main area of differentiation that is obvious to anyone that spends any time on- site with the company is its corporate culture.

Aha, so I'm not the only one!

That article is one of the more realistic and interesting that I have seen. I have a wry smile when comparisons are made with BHP any time. Mainly because ten years ago FMG was a two cent company on a kitchen table and is now number four producer in the world.

The bit about the 2012 scare is interesting too. While I don't disagree that it sharpened their focus, I for one was not surprised at the fast action by management. It is obvious now that a lot of the shorting pressure at the time was in anticipation of a desperate low ball capital raising. But I remembered AF's words some years ago, when he simply said to the early faithful, that he would not dilute. I would not have blamed him if he did, but I was not at all surprised at the final outcome. The company thrives on challenges and is the exact opposite of what some lazy company boards do.

I'll bet that the boys at BHP are a lot sharper now, for the existence of AF.

Eagle eyes here may have noticed that my disclosure has gone from long time hold to buy recently. My mine really is where my mouth is.