no v shape recovery, page-6

Mad trader
Good on know for putting in the work and sharing it even though you at this stage have no benefit - that's what HC is about and I think objective commentary adds a lot of value
Can I ask a few quesstions please

What do you assume the rate of future pDL purchases relative to last 10 years . You seem to imply you have used limited PDL purchases going forward
Do you factor in cost reductions of decrease in staff numbers from future margins . The margins that you focus on can be materially impacted by cost reductions , and I assume staff would be a big part of that
Have much value do you place on non PDL part of the business that seems to be growing and that carries lower balance sheet risk

I note all brokers( reports on their website ) some of whom I respect all have PTs of 150-160
I would love to know if you can point me to where you differ in your assumptions

I was told there have Been some recent PDL purchases as the management will be buying during the allowable window ( including CEO) it will be interesting if this occurs as it would be the biggest show of confidence in the business.
I remain open to the fact you analysis is the correct one vs the broker community but I seek to understand your assumptions a little further. By the way I am long at 101.5 having sold out at 160 and renetered so break even is around 118