Thanks for sharing @conrad

Tony's rationale for Stealth is very much aligned with my own thoughts -- an increasingly efficient operation that is gobbling up market share in a highly fragmented market and with a clear path for further revenue growth. Importantly, as @DrPete originally posited, there still remains a good deal of asymmetry in return outcomes and the case for value can be made even if you heavily discount management expectations.

Wow … fund manager massive underperformance to ASX200 means I took this article with a grain of salt. The typo’s and grammatical issues further watered down the weight as did the quite rubbery figures in his forward projections … bottom line:

• My biggest competitor (Blackwoods) sucks is not enough of a reason to buy (especially if they have the might of Wesfarmers behind them)
• Way too many ifs in forward projections … take on big debt / raise capital for growth / drastic swings in PE ratio
• At least he has a scenario that’s pessimistic of Management’s projections (but I’d rather be buying into management forecasts as I have strong conviction in them)

That said, I still think SGI has some runway.

DISC: Very small holding IRL and SM