If we really want those margins to shoot up, the question we...

If we really want those margins to shoot up, the question we have to think long and hard about, is how transportable is REH's moat?

If the acquirees margins could easy be improved, and the acquirees are competent, then why haven't the current management not already lifted them?

If the current management aren't competent, then REH will have a lot of fixing to do.

So we come back to the transportability of REH's moat. As effective as REH's systems, logistics etc are, would the moat exist without established relationships with its customer base, and without its monopoly in Australia? How easily does anyone think that can be replicated OS?