CSL has always seemed like a black box to me as I couldn’t really properly connect with its business and economics, beyond amazing performance metrics. Just started looking into it and look forward to reading all your reviews. What’s simplifying the early analysis is that whilst there are different divisions doing different things some beyond my capacity to understand, most of CSLs business is collecting blood and selling the stuff they make from it. Maybe it can be thought of as a vertically integrated wholesaler. I took a bit of a look at the prices they charge for what they make from the blood they collect. For example a single dose of certain treatments can cost hundreds of dollars and some patients need them regularly. That simple realisation has me interested in the economics. The contrarian in me is keen to understand it further given the loss of interest in it in the market. It’s currently priced more like an industrial than the high margin seemingly moaty company that it is.