Madamswer, there's a lot that I too like about this business, but have never really studied it in a serious way. On the surface it reminds me in some ways of ARB (which I do have a holding in), in terms of managers having skin in the game, no nonsense reporting, clean accounts, non lemming-like behavior etc. I guess I've always assumed it was possibly too expensive. Would you like to elaborate a little on where you think its moat gets its principle strengths?
Ann: Change of Director's Interest Notice, page-5
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