Ann: CEO AGM Presentation, page-34

CCP is probably a defensive stock in respect to interest rates rising.

It borrows very little, so it's not negatively impacted by interest as an expense. If competitors, in contrast, are highly leveraged, they would be at a disadvantage to CCP in respect to profitability of both PDLs and the Loan business.

Further, tightening credit may occasion more high-flying Icarus-type competitors to fall from the sky, and they may seek relief by selling their book to CCP, as CLH did last year. In the USA, this could lead to some acquisitions, which would help CCP climb higher up the size ladder.

I regard CCP as a poverty stock, and these stocks make a living out of people in straitened financial circumstances.

Of course, you must take into account that I am biased in favour of CCP. When this type of business fails, the cause of the failure is always managerial hubris, which was the cause of Icurus's fall - he flew too close to the sun.