What lesson did you learn nomis? What is the thing you won't do again? What will help me identify the next MPG?[/QUOTE]

No lessons to be learnt from this. The next MPG will take some other form and catch investors out once again. We investors do not have a complete understanding of companies, irrespective of how diligently we read annual reports and the business news. A lot of directors and management come to work to eat their lunch and some of them are totally incompetent and it takes time for investors to work that out. Those that we recognise to be incompetent will be replaced by new directors or management which also may be incompetent. Fortunately we have been in a bull market for many years and it has been easy to make money. The dice have been loaded heavily in our favour. Now when the bear arrives (if it hasn’t already) the going will get very tough.