Ann: AGM Presentation 2016, page-13

I see InvestSmart just published a report. Does anyone have full access and can post it? Probably accounts for the price rise this week. No doubt its bullish but wondering whether it comments on the capital management and surplus franking question.


FSA: selling canoes in the Sahara

This provider of debt solutions is at its best when the economy is at its worst – and it's going cheap.

You may be wondering how I’m going to make an article about personal insolvency paperwork interesting. I’ve been wondering the same thing. Truth is, though, I don’t think I can make the administration of debt agreements sound glamorous – but that might be exactly why FSA Group is undervalued. Unlike the Cochlear and REA Group’s of the world, investors are unwilling to pay up for boring stocks, and that creates opportunity. As they say in the north of England: 'Where there's muck, there's brass'.