At the risk of thread drift (and by all means happy to continue...

At the risk of thread drift (and by all means happy to continue over at GXL thread), just to quickly note that GXL and SGH have been occupying a big chunk of my time lately. The acquisition of Mammoth has three interesting aspects IMO- firstly, the ROE for GXL has been trending down and hit single digits before the acquisition was announced, secondly, it appears that there are some related parties involved and thirdly, directors sold quite a chunk of shares shortly after the acquisition. But agree wholeheartedly, that a foray into retailing requires a whole different skillset from a vet roll-up. When the best arguments of the opposing hypothesis is to the effect that the declining ROE/ROA argument is falsified by WES success with Coles, I think GXL shareholders have good reasons to start worrying.