Intending no malice to anyone, l have been a RFG for a very very...

Intending no malice to anyone, l have been a RFG for a very very long time.

Early wins were followed by dreadful loss of capital value as the then management acquisitive growth plans turned very pear shaped.

As has been my experience many times, l was mentally ready for a 10 to 15 year road to recovery or 3 year path to oblivion if the turnaround plan failed.

I believe the consolidation disguises the path for small holders and shortens their time horizon. The recent sell off is not really a surprise, just a temporary pull back in the share price and nothing at all to do with the business.

Each retailer jumping ship offers opportunity to long term accumulators to buy. I may easily be mis-reading this stock, but l continue to add with a hard fought average price now under 8c in the old money.

I don't count anything in the market as a given. Have lost my pants too many times to be that confident. However, l see positive cash flows as the lifeblood of every business and RFG has got that.

Many franchisees are still under water, that is a negative. Difficult retail trading conditions are also a negative. But the business model has been refocused and moderate expansion is in place.

l can see a 3 or 4 bag outcome here over a 5 year time horizon and am happy to wait for it to unfold.

Having made some pretty good coin in some other positions ovet the last 2 to 3 years helps ease the discomfort of waiting a long time for the fleas to leave the more than 1 dogs l hold.

That's just the nature of investing in value stocks. They can often be fantastic multi bag plays or simply value traps. Appropriate portfolio sizing, as well as mid cycle profit taking, helps maximise gains and minimise losses.

l like where the business is going. I like that management no longer feel free to do as they please with holders actively voting down poor decisions. I also like buying profitable businesses cheap.

GLTALTSH.