Ann: Half Yearly Results Commentary, page-33

Broker data can from time to time be a good tool to get leads, a place to see who has spotted something that you have not however I agree some put far too much weight in it.

That any one individual (other that snr mgmt) has/may have exited makes no difference to my investment thesis.

Data can also be difficult to read, take for instance this section below, on the surface it seems that a bunch of retail are lumping stock around between themselve's

Dig a touch deeper (last sub holder) and you will see that the net flow of ownership was in favor of one of the countries most savvy investors.

The zoom out view doesn't really give a lot more color other than to show that the biggest net seller has been E-TRADE, a largely retail dominated platform however who knows who is on the other end of the sell button.


For me the original register was a strength and from what I have seen there is absolutely nothing to suggest any weakening.

The real investment case for me was based upon a company with innovative people and product who believe in what they are doing and have the drive, ability and intellect to deliver.

Based on what I've seen over the short time that this company have been listed there is nothing that makes me question my initial investment, nor those at the helm.

Happy holdings