Klog
I would not dissuade you from buying CCP at circa $10, nor is there any advantage to me to encourage you to buy. However, I would suggest caution in respect to competitors' stocks if their accounting treatment is not as conservative as CCP's is. If a horse owner burdens his horse with a fat jockey, and it continues to win races, then if the odds are not too high, one could bet on it with some confidence.
You mentioned PNC, and in respect thereto, the MD has developed and sold, or significantly sold, three debt collection businesses in a period of some thirty years, which includes floating PNC in 2014 to realise some of the value of his holdings. This, and when the MD may wish to exit his current shareholding of about 20% of the total may be a relevant if one wants to guess whether PNC's accounting would tend to be conservative, or not. I do not hold PNC, I have not looked into it, and this is a CCP thread, so I'll comment no further.
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