this looks good, page-17

Actually, if inflation is factored in, TSE is worth much less than 8.5% of its all time high. In real dollar terms, its probably only worth 5% or 6% or even less of its all time high.

I know M&A activity isn't pronounced at the moment (one wonders why it isn't at these prices although ASX listed companies seem to be as susceptible as ordinary shareholders to buying when prices are high ) but it appears some consolidation is needed in the industry. UGL ran its ruler over TSE when prices were much higher years ago, perhaps that is happening again...

Not quite the same industry I know, but ASL and TSE closed at the same price today (TSE has only near enough to twice the market cap but employs about 20,000 more people). I'm not a big fan of switching horses mid race but ASL probably stands a better chance of recouping losses in the midterm compared to TSE.