The lack of skin in the game is a major negative for the stock,...

The lack of skin in the game is a major negative for the stock, which is otherwise a very good operator in a low quality industry.

CCP is an extremely volatile stock and I've been on the down leg of this roller-coaster a couple of times before. As I said, the strong balance sheet, which is an outlier in the industry, is key to the investment thesis.

Obviously with hindsight it would have been nice to step oft at $30+ and not look back, but I have been a shareholder for a number of years and would like to exit/reduce when all three business units are in good shape and optimism surrounds the stock.

I am nervous another write down may be required, but I dont think there is much eisk of all that this will so bad it will require a capital raise. Historically the company has run its accounts conservatively so I assume the write down is a conservative ammount. As pointed out at the AGM leverage will reduce by June 30 24'. Another write down will just slow down that process and limit the opportunity CCP will have to purchase a greater amount of cheaper debts.