Balanced Discussion of Risks, page-5

Management has been solid positive, conservative & consistent.

Am a little worried recent steps may be signs of either heightened risk appetite or eagerness to grow, or perhaps both, as they have entered cattle station ownership at market highs and the beef infrastructure plays will show significant devaluation when the cycle bottoms in the years to come.  Inter generational players don't exit such infrastructure without good reason! All just IMO.

All said I retain a hold and long term commitment unless a higher risk trend starts to show out more clearly.