Thanks Cam. Good pointers on why pcp comparisons shouldn't be...

Thanks Cam. Good pointers on why pcp comparisons shouldn't be taken out of context; examing trend growth is important so that good times don't overshadow the following periods nor the bad make recoveries more phenomenal than really is so. Mind you, the short-termism of shareholders isn't exactly discouraged by other mgt (not BRG's as you pointed out) who either crow about said recoveries or highlight trend growth whenever it suited them.

I like your point on how not every $1 of revenue is equal; got to estimate the profit margins ("earning quality"). Businesses that get paid by suppliers are the best!

Similarly, every expense & changes to spending has a purpose and its great following your reasoning. However, I'm not across this industry enough to know what the payoff lag is between brand promotion & margin expansion; i.e. if they stopped all brand promotion, how quickly will margins drop? If they pumped 10% of revenue into boosting marketing, how soon will this translate into strengthening margins?