@Brumbypat - suspect we will all be watching US margins...

@Brumbypat - suspect we will all be watching US margins carefully - as to the Trump play there are better ways to leverage that than ERM - but yes on AUD/USD and returns accordingly. Game is changing and the way out of the low margin regime in AUS is energy services so lets see what they can deliver there and how quickly they can have it impact margins. And hopefully at some point they have a need to invest and a need for capital and constrain the dividend that funds the founders investment in the likes of Vales Point etc.

on the matrix of company/stock this may emerge from sheet company sheet stock to fair company good stock if they get a few things right....but a way to go as yet.