I unloaded a heap at 23$....maybe that's why it went down!...or...

I unloaded a heap at 23$....maybe that's why it went down!...or not!

Just got back from holiday, booked through Intrepid retail travel, a business recently set up as a joint venture between FLT and Intrepid travel (the actual tour operator remains independent, for anyone interested)

Just want to clarify a common misperception people have of FLT...not sure if anyone has done so...

The vast majority of the cash you see on the balance sheet is client's money yet to be paid for services rendered...FLT does not, for example, have $13.5 per share cash

You will see in the half that the GFC hit, FLT immediately cut divy,to preserve cash.....phenomenal management though as corporate Australia issued shares to the great unwashed masses at discount prices...but I digress....

FLT is actually a very capital light business....hence the share price going from 95 cents to 20$ (or whatever) since listing and paying $$ worth of divvies....

How 'capital light'....as others have aluded to FLT operates with a constant 'free float' of cash...growth is thus self financing...that cash of course is mainly the clients still though....

Warren Buffett had to buy several insurance companies to get a free float across all his businesses.....For FLT, it is just the beauty of the business model!!