simon ehrenfeld delusional

Simon Ehrenfeld whose comments I read in the Eftel 2008 annual report earlier this morning made my head spin trying to reconcile his statements (to the ASX and therefore on the public record) to any semblance of reality (or what I think is reality). If you need a laugh to start your day go to:

http://www.asx.com.au/asx/statistics/announcementSearch.do?method=searchByCode&issuerCode=eft&timeFrameSearchType=D&releasedDuringCode=W

select the announcement of the Annual Report to Shareholders and go to page 4. Among the gems of cloud cuckoo land craziness are:

"[Eftel] is now in the top 500 companies by revenue" - ?????? - with revenue of $A36 million - not in the top 5,000

"[Eftel] is now a top 10 Internet company" - ?????? - with a revenue of $A36 million it would be lucky to make the top 20

"[Eftel] had a 6% organic growth while many competitors suffered flat or shrinking revenues" - ??????? - As far as I can see ALL publicly listed ISPs reported growth much larger that 6% and Eftel's growth is barely above WA's annual inflation rate - so considering they raised their prices during 2008 they certainly suffered from "flat or shrinking". (I guess he missed the latest ABS report that showed the ADSL market growing by almost 14% in the last year too!!).

and the rest of the report reads similarly.