Well said.
One thing - Store penetration in Australia is less than one fifth here so the opportunity for growth over the ditch is immense. I don't pretend to understand women's buying habits as Mrs B will readily attest, but I believe that most women like to look their best most of the time and they're generally more social than men so once they see something they like that another woman is wearing tongues wag and sales momentum creates more momentum. HLG online is second to none and that's definitely a big part of their formula for success.
As you suggest, we can afford to be quite relaxed and have almost endless patience already sitting on a portfolio balance many times what we paid, content that the dividends we reap as a function of our original purchase price are themselves already extremely rewarding. I think Rod Duke does a fabulous job but opportunities for growth in an already saturated market here with the Briscoes brand appear very limited to me. HLG appear to have materially better growth prospects and be on significantly more attractive metrics but each to their own my friend and best wishes.