Yes, Bonehead, the dominating factor of its US listing is one of RMD's quirks.
But to be fair to the US-based investors, they clearly "saw" this competitive bidding issue way earlier than the Australian investors and analysts did, and I suspect many made money on the short side from it.
It is striking, I think, that even the net short position in RMD's US stock is today still around 66 million shares higher (and that’s a big number, representing over 5% of the issued capital of the company) than it was 12 months ago, the share price is 15% higher.
That, I think, speaks volumes about the quality of RMD as an pre-eminennt investment.
Also, the share price action has all the hallmarks of a short squeeze in the making
