Ann: Appendix 3Y - Andrew Bassat, page-12

If they attributed Google Jobs as the biggest risk factor to SEEK, I would be laughing my ass off. LinkedIn has a much better chance of displacing SEEK in ANZ. However, even after all these years, LinkedIn is a long ways off in doing that. Look up SEEK's market share vs the competitors in their annual reports.

On top of that, a huge % of SEEK's revenue comes from outside the ANZ. So even in the worst-case scenario, SEEK would still have SEA, China, Mexico, etc. SEEK also has all those early-stage growth companies like Jora. IMO, Jora would have a much better chance of having a go at SEEK's market share in ANZ than LinkedIn or Google Jobs. Luckily for SEEK, they own Jora.

"If we don't create the thing that kills Facebook, someone else will" - Facebook's Little Red Book.

Management is superb too which a lot of analysts don't factor in. Andrew Bassat is one of the founders of SEEK. Look at Xero, Rod has essentially left the company and now a consultant and non-executive director of Telstra is replacing him. Nowadays, it is very very rare to find a founder-led billion dollar company.