hey! free speech! @MarsC so has your views of FLT changed after...

hey! free speech! @MarsC
so has your views of FLT changed after the results?

some things i liked:
- TTV ok
- mgmt is quite quirky and they have shown the ability to create profitable (but weird) businesses out of thin air.. i.e. 99bikes and travelmoney
- management is thinking uber long-term rather than short .. not many companies have a 20 year strategy, usually it's a 3-5 year strategy which aligns to the tenor of CEOs, FLT in a way similar to the communist party of china has steady (if not undemocratic) leadership which enables this sort of long-term investment and planning for the ultra long term.
- valuation (p/e) still low on a cash-adjusted basis

some stuff i dont like:
- online strategy seems late (i thought about buying some webjet shares when it was < $2)
- some structural decline/slowdown, combined with cyclical issues i.e. brexit, low oil/low AUD and elections
- hotel management?
- the business is getting quite big and conglomerate-ish, which makes it hard to manage - after all i think graham cant be everywhere at once, so you have a few underperforming countries/segments