The share price reaction for ResMed implies that these drugs will have material uptake and reduce the long-term addressable market for CPAP. This is providing an opportunity to buy a high-quality business at a discount to its longer-term fundamental value. What impressed or concerned you in this reporting season? The reporting season showed the underlying economy is holding up better than many feared. This saw shares in consumer discretionary and cyclical stocks tending to do better than more defensive stocks like staples and healthcare. That said, there was a discernible slowdown in overall top-line growth in the last six months….