potential good buy, page-70

I think Feeny's analysis is spot on.

Further advantages of buying Flight Centre to a 'bank deposit' is that the 'normalised yield' from FLT is largely a real, tax free ((depending on your marginal tax rate) return. It is largely real because over the medium to long term Flight Centre will be able to pass on most, if not all, input price rises (inflation). A bank return by contrast is not only significantly lower but you are taxed on the nominal return and you then have to deduct inflation!

For example 5% Bank deposit return less tax at 30% = 3.5% (after tax)

3.5% (after tax) less inflation at say 1% = 2.% real after tax return.

No wonder Feeny is excited!