Ann: Market update, page-4

Australian markets and big fund managers are very backwards as are most of our businesses. Our most successful companies here are the banks who only operate here in a monopoly. Whenever they try expand overseas they stuff it up. Then you have Woolworths and Wesfarmers also local monopolies who wouldn't cut it overseas. BHP who dig stuff out the ground and have little to show for it after the biggest resource boom in history. The concept of expanding in to overseas markets is met with scepticism here as most of our companies can only succeed with a local monopoly. This is a positive in one way because you can get bargains, not only do the fundies don't understand anything tech related they wont touch microcaps.