You have written nice points on the International opportunity....

You have written nice points on the International opportunity. You are right one must not forget that.

Q. What about a company that doesn't grow but has high NPAT $ and it all shifts to equity and becomes a net net? How does that get valued? FundSmith (Terry Smith) would say if you have a 10x P/E that doesn't grow you have a very high yielding Bond. Then there are businesses that shrink to succeed (the Cancer surgery mental model) and become stronger and garner higher rating (plenty in Europe do this) so growth is not always necessarily the answer but yes the market may like that but looking left rather than right for alternative ideas is interesting. In Dusks case it can still double space footprint just this year they are adding nearly 10% to overall footprint with 10 new stores. Then another 10, then another 10. The store payback is insane like 6 to 9 months. Incredible.