Just be careful Re quoting discounts to cap raise figures....

Just be careful Re quoting discounts to cap raise figures. That’s classic anchoring and is an easy behavioural thing to be aware of - I need to check myself when I do it too. Also, the cap raise was done pre downgrade so it’s worth taking that into account.

Either way, I agree that it’s a fair risk / reward at these levels but with two material downgrades there will be a discount on the valuation until confidence is restored vs the premium it had when it went on that run to $1.50.