[QUOTE=percy;374421]Just to be clear I am not saying that comparing the likes of Heartland with banks is a waste of time. Just that you should realize that when you compare an Apple with say a Nashi, you might need to adjust your comparative stick.
For starters I would expect a significantly higher equity to loan portfolio ratio with a finance company. That would imply a lower ROE for Heartland than the likes of ANZ, without any consideration of economies of scale.
SNOOPY