Ann: Investor briefing transcript, page-5

That's the difficult part of businesses like this. The debt looks very, very manageable, until it's not.

I don't mean to say PNC have any issues with debt. But this all boils down to purchasing discipline of PDLs. If you're paying too much for your PDLs, even for a short amount of time, it can have some pretty serious impacts if you have significant debts financing those PDLs.

Add to that the uncertainty behind valuing PDLs and I just can't get comfortable with this business. It's just outside of what I understand, my circle of competence. I remember looking at this two years ago, and I came to the same conclusion. The same applied to CCP, and both of them were much cheaper a few years ago.