Very good chart, page-128

These are all fairly rudimentary questions. They are not difficult.

The difference between our approaches is: you appear to form your view on what "must" be happening, based on conjecture and how you can best explain cause and effect from what appears to be a very limited understanding. I form my views on "what is" happening based on actual supportable evidence. It's not personal.

When I point you to evidence that supports what is happening, don't ask me how. Read the GD evidence that I've pointed to.

I've spent as much energy as I am prepared to with you on this. I cannot help you any further.

Finally, Have you ever wondered why a grocery chain like Woolworths is so profitable when their gross margins are so very low? Turnover, turnover, turnover.

Remember, UBS is not the only player in POS. There's a whole ecosystem of shareholders. BMM and AF are not playing the churn game. They don't need to. There are plenty more shares available to account for it.