Ann: Annual Report to shareholders, page-3

You have nailed my thinking oldnrooted. I do not recall anyone ever warning to expect HSN growth to be lumpy but lumpy  is what I think crystallises them.  There's the organic growth which should be very stable but the real growth comes through a couple of years after their purchases and the purchases are carefully chosen and therefore few and vary in frequency.

Gradually, as/when they run out of suitable purchases, costs will reduce to maintenance only, bottom line profit will increase correspondingly and come through as dividends.  Along the way they will gain easy customers without poaching them.   Mr Market is not looking ahead and for me they are a wise buy at present.

oldnrooted means the wisdom that comes from age and less impulsive.  Our regret is those qualities were lacking when we were younger when we could have enjoyed all the $$ we are making now.