"I really don't care if YBR ends up as a mortgage lender if that...

"I really don't care if YBR ends up as a mortgage lender if that is profitable, rather than being a financial advisor, that it espouses"

I tend to agree. It is just that the mortgage broking industry is already very crowded...what is it that brings people to YBR? At the moment it is purely Mark Bouris sticking his face and advice in every paper in the country as well as being the Apprentice Boss.

Your point about Macquarie, well they only control cost of funds, and even that there is only so low they can go, as too many hands in the pie make for too little profit for YBR shareholders.

You need to remember that YBR only clips the ticket, the broker will take home the majority of the revenue...hence they need lots of it to continue to fund operations.

Best of luck with your holding.

Kiril