Ann: Letter to Shareholders , page-26

Hi Jonesy

I guess you are referring to my comment "economies are edgy, margins are thin and global signals aren't exactly full steam ahead"?

I think that is symptomatic of many industries as a result of relentless competition that defines globalisation.

Not all businesses undertook a decade of debt and script funded acquisition and it appears of those that have done something similar, some integrated their aquisitions better than others.

Cheers
Dex