At last, I found a negative...

Capex in JH16 was a mere $20m, compared to a half-yearly average over the past 5 years of almost double that level ($37m).

Running out of addressable market runway is my sole concern with REH, so I am sensitised to any signs of a stalling in the rate of investment in the growth of the business.  Now I know that one half-year does not a trend make, but in upcoming results this will be the first figure I look at.

Because, when you generate 20% ROE, that's better than what I can achieve every year from investing in the stock market, so I hope REH can keep reinvesting as much of the surpluses it generates back into the business, instead of giving them back to me.

Enough reece-gushing [*] from me until February 2017.


[*] reece-gush; (verb):  to exhibit fawning adoration that verges on biased obsession; to be so attracted to something that one is only able to observe the virtues of such a thing, and none of its flaws.  
(Example: "When Adam had looked at the financial result, he was yet again so impressed by it that he reece-gushed about it online to his like-minded online associates. But, the next day when he was in a less reece-gushed state, he discovered in the back of his mind a very small, but discernible, niggling irritation about the drop in the JH16 capex.")