comparisons with Pacific Smiles group, page-3

Yes indeed. And the latest returns-on-capital figures, for Pacific Smiles, are taking a decided turn southward, whereas those of ONT are holding steady. Also, ONT has much better margins.

When you combine the words "aggressive expansion" with the word "aggregator", i get very nervous. In this space, give me caution and prudence any day. In this space, the one that wins the race, I suspect, is the one that actually finishes. Also, the fact that Dr Holmes has made clear that he does not see his business as an "aggregator", is of comfort to me.