Sage is a business I have long admired but never bought, due to valuation. Was just looking over their annual report, following your mention. I have always wondered about their presence outside of the U.K. seems they are very much a global player. I know they dominate small and medium business in U.K. and there is incredible customer trust that the products work. I need to understand their competitive positions in other major markets. I assume they have a lot of strong competition in the US for example.

Great business with still so much opportunity to digitise and automate SMEs. Particularly now with AI, which will really reduce the need for bookkeeping hours. Big network effects is another competitive advantage.

Maybe I will look at it more closely and who knows the price could come down if markets wobble'

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