CAT. Thank you @Strawman for getting me to look at this stock to begin with. I'm a keen sports fan so I was always interested but Andrew really prompted me to look at this more closely. I've held IRL for a few years (my SM portfolio is a bit hit and miss when it comes to reflecting my holdings IRL as I held far too many stocks at one point, thankfully culled to less than 20 now.)

I think there's a huge runway for this business and it's unlikely to be overly cyclical or the victim of regulatory shock. I won't be selling on valuation grounds lest I become the subject of Promedicus type regret.

SPZ for me is a close second with excellent management and a simple and lucrative business plan. The main reason I place it behind CAT is the ever present regulatory risk as cautioned by @Wini the other day.

Schoonie has been ASX investing now for over 25 years. Like many investors I have several investing entities including a SMSF and an investment in my wife’s name. My wife has many interests and fortunately for me they do not including investing. So with investing I am left to my own devices. 

The only time my wife gets interested in her portfolio is once a year, when like many Australians she looks forward to a healthy tax refund. And if she does not get it she can get very flinty. It does not seem to occur to her that if she pays capital gains tax then she has made money. No, she wants her tax refund at the end of the year.  So realising there are some obstacles in life you just can’t get shift, and in the interests of home-harmony Schoonie organises her portfolio so at the end of the financial year there is nil or next to nil capital gains.

The result is many stocks that I would have sold years ago as too expensive, remain in her portfolio. These include TNE, TLX, GTK, RMD, HUB, NWL and OCL. Which all started as relatively small holdings however have now increased anything from 3x to 9x. Some of them I added to over the years, but none have been sold. For Schoonie, not high conviction stocks but tax and conflict avoidance stocks. My wife’s portfolio is now a pretty substantial lump of money.   

Not so long ago most investors did not (or at least retarded Schoonie didn’t) understand the value of a software business with low customer churn, good management, a wide addressable market, high margins and growth. Now everyone knows that these stocks just keep going up and up and up.  And according to the market for the cool software businesses, a PE multiple of 200 plus is just fine.  

Schoonie writes this as a confession. Sort of a cathartic exercise where my investing and character shortcomings are laid out for anyone to see.  Because I feel absolutely disgusted, intellectually humiliated and ashamed that some of my modest investing success is due to those shiny-arsed clowns at the ATO and my lack up a backbone when it comes to my relationship with my wife.