'major concern' at 10% share slump- md, page-37

If the pump was 10% from a base, then you should expect the dump to take it about 10% below that base, not just 10% below the pumped top. In which case what we are seeing now is not so extraordinary.

I would be much more alarmed if TB went out and rashly bought some soars ear of an asset, than by the swings of the market.

The market is not valuing PH as most of us expected it would be after a mere three years in production. Maybe it is our own past exuberance we should be examining more than on the supposed misdeeds of TB.

As someone posted here a few days ago, after the last crew the market wanted a safe conservative pair of hands at the helm - me thinks the market never knows what it wants once it gets it.

EL