Transurban's Return on Equity

When you see a business that has a consistently higher return on equity, that's a really wonderful sign. It's particularly if they've done it with a prudent level of leverage. The first company that came to mind for me was ResMed. They get an incredible return and they're not highly leveraged. Here's what's interesting. You said everything that you said about Transurban was absolutely correct. I punched it in the commsec though. Actually, the return on equity was negative in the last few years. And even before that, in a more consistent base, it kind of hovered around 5%. So I went away to sec. That's exactly at odds with what you just