very good post tapdancer. I agree. The fraud event is a...

very good post tapdancer. I agree. The fraud event is a non-event for me - bad, unfortunate, but of historical interest only as there is no evidence of systematic problems. Go Getta is more of an issue - the bad debts & impairment graph is scary. There were warnings of this, but I discounted them (too glibly, with hindsight). But the go getta rental increase is gradually working its way thru, and tightened credit criteria, hopefully offsets the pain we have felt of late. Hospitality is the jewel - I'd be happy if they concentrated more here, and backed of go getta's growth even more. Happily, hospitality originations were really strong in 1H in all regions. Need more of that.

yes, iSad, there is a very strong 2h bias. Normally, this is a big warning flag. But mgmt. have stuck to their forecasts and have shown the bridge to their forecast (page 6 of the presentation). The factors are credible and should hopefully be in the bag (and given the nature of the business, mgmt. should have good visibility on quantum).

The only other cloud is the funding picture - landing the securitisation should lift the share price. Some downside risk if it gets delayed.

I have been topping up, but the share price wants to go the other way (in the short term at least). Always uncomfortable at the time, but the rewards afterwards are that much greater (assuming we're right!)