price slide, page-55

nathanblack

Here is the nightmare scenario:

(1) Dec 31. PaperlinX has a bad first half, but convinces itself that things will improve as losses are all abnormals. SP falls.

(2) Jun 30. PaperlinX has a bad second half, but convinces itself that things will improve as losses are all abnormals. SP falls.

(3) Go to #1.

Probably sounds familiar as you've heard it many times over.