@bsciles your analysis as far as it goes is reasonable and I...

@bsciles your analysis as far as it goes is reasonable and I agree that Yellow Brick Road as an incredibly strong position in a wide-open market. Now that RAMS and Aussie are both 100% owned by banks, there is no independent competitor the comes close to being a threat to market share.

What a pity that this opportunity is operated by entities who are furiously milking this thing for their own benefit to the exclusion of the shareholders. Macquarie are earning a mint from wholesaling finance to YBR. Bouris has his snout and both trotters in the trough not only through is stunningly generous remuneration package but also reaping hundreds of thousands in consultancy fees paid to "associated director's entities". It's all there in the reports, you need to read back over them.

Also there is considerable risk over the mortgage-broking/aggregating market at the moment. If the recommendations from ASICs report on the mortgage-broking industry are implemented then you will see a substantial negative impact on the business model.