Horse, I am *somewhat*, although not entirely, uncertain about...

Horse, I am *somewhat*, although not entirely, uncertain about companies being highly acquisitive. I look at some companies on the ASX- NMS, PGA, for example and one of their major problems was their acquisitive spirit. Sure, they may have bought at the wrong time and paid bullish prices instead of buying distressed assets- a whole range of things could have happened, but they went to the brink, and now their only way back is to sell off those very same assets, and become distressed themselves.

In a way, it is all about timing. In distressed times, all will be distressed- OZL included, because there may not be demand for copper, or the price may fall so much that it impacts upon profits. Post-GFC, there have been companies that have done extraordinarily well- OZL is one of those. The trick would be to buy distressed assets that did not make it through the GFC. There may come a time again where some companies are struggling, but OZL isn't. That would be the time to pounce. Often, though, there is no immunity... there is only *BIG* (BHP). Big is not always better, and OZL has done so well without going the path of full expansionism. I did say, though, the other day, that accretive purchases might be good. Probably hard to find in mining, though!