RE: Will margins improve?I see your point, but I worried that the comparison with real estate might not be fair. In the real estate case, I agree, one ends up with something of value. The same is true for say resource stocks. But in the case of RAM all the money is spend on salaries. So in the end you have a large group of people, but not necessarily something tangible... If everybody leave your left with nothing (whereas in
your real estate example, you still have the propertie). This is exactly the worry I have about this company.
Growth is great, and it costs money (it is an investment after all),
but growth is only one part of the equation. The key is cost reduction through synergies that are realised. It is great that RAM doesn't loose money, but the goal for an investor is that they make money.