tag:blogger.com,1999:blog-4815867514277794362.post505830568834473949..comments2024-03-08T06:18:28.125+11:00Comments on Bronte Capital: A correction on Sydney AirportJohn Hemptonhttp://www.blogger.com/profile/03766274392122783128noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-4815867514277794362.post-29764110233855751092008-07-11T09:40:00.000+10:002008-07-11T09:40:00.000+10:00Hi John,Thanks for your insightful analysis on Mac...Hi John,<BR/><BR/>Thanks for your insightful analysis on Macquarie Airport. <BR/><BR/>I am constantly amazed at Macquarie success and resilience despite its significant focus on transport infrastructure where patronage assumptions, as you’ve clearly demonstrated, can cause material swing in long term cash flow and valuation. (as well as payment of distribution from borrowed cash, but that's for another post.) Contrasting this with Babcock & Brown, which have had a greater emphasis in the regulated and power infrastructure (arguably safer bets?), yet the stock price has been punished (& in value territory?). Is it a matter of size and perceived quality or am I missing some fundamental point about the business model difference? I am interested in hearing your view. <BR/><BR/>Many thanks,<BR/>ChyinChyinhttps://www.blogger.com/profile/04286364182987328167noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-59903586084456571132008-07-09T13:51:00.000+10:002008-07-09T13:51:00.000+10:00I do not know how to delete this comment. But a f...I do not know how to delete this comment. But a follow up - it was only the CEO of Bristol airport...<BR/><BR/>JJohn Hemptonhttps://www.blogger.com/profile/03766274392122783128noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-33983182870070680462008-07-08T17:45:00.000+10:002008-07-08T17:45:00.000+10:00This comment has been removed by a blog administrator.Simonhttps://www.blogger.com/profile/03851731747163659611noreply@blogger.com