The ROE is lumpy but in fact they suddenly have very high ROE...

The ROE is lumpy but in fact they suddenly have very high ROE when they sell large assets - that happened when they sold assets out of NHC and were cashed up. They also have a lot of capital tied up in manufacture and have an upgrade policy so that they are always competitive. The measure I use is the compound growth vs the asx. Shareholders return is the real measure for me. They have not performed that well in the past say 4 or 5 years and I think that was because they always had one sector doing badly. I think that they now have building back doing well and hopefully NHC doing well. Then you are left with TPG - who knows how they will do - anything involved with the government - NBN is like going to a Crown Casino.