Ann: CAT H1 FY19 Results Presentation, page-30

Steve- Not doubting the competitors are coming but I do have confidence with CAT’s performance stack and continual product dev that they are very well positioned to fight many of these off and continue to grow their position as global leaders.  Management issues/salaries are question marks no doubt...

One question for you- you’ve mentioned all the business CAT is losing out to SS and others but haven’t seen you touch on what has been released to the market in their half yearly and also on the call yesterday. 

Churn reduced from 8% down to 3%.
Powel stating that they win 8/10 head to head situations. From Shiffman yesterday, not word for word but pretty close ‘Ultimately the key takeaway should be that whilst competitors may market and spruik their product and ‘wins’...on the ground in competitive situations we continue to win the vast majority of head to head battles and take customers off our competitors.’

This flies in the face of much of what you’ve said, are they blatantly lying on record? How do you explain the great churn numbers combined with strong client growth? 
Not having a crack by any means as I welcome all points of view.  CAT have been a disappointment over the past 24 months but a lot of that is due to over the top expenses and management issues, not client growth and churn.