I think what an investor in QMS needs to understand is: 1. The...

I think what an investor in QMS needs to understand is:

1. The market for outdoor media advertising, and, frankly, I have no idea.

It might be huge for all I know. Maybe companies pay big money for changing scoreboards and fences at the MCG.

2. The Melbourne elite mafia, for want of a better term.

These include the Brighton set (how do you know there's a funeral in Brighton ? The women are wearing black tennis dresses) and the blue-blood broking house Baillieu. These dudes have a long history of turning mum and dad investors' hard-earned into extensions on their Portsea mansions. It goes back to William Baillieu who paid creditors 1 penny in the pound in the 1890s, and founded a dynasty on the back of Broken Hill Proprietary without ever paying back his debts.

If you are comfortable with the business model and you trust that the management has the shareholders at heart, by all means invest. You may, however, find your dough being spent at the Brighton Yacht Club and the Baillieu Stockbroking board room on Moet.