Ann: Credit Corp Group H1 of 2018 Results Presentation, page-30

Too true, but another thing that I omitted to mention, but which crossed my mind when writing on the matter, is that my focus was on the health of the company, not its SP. The company can hold its NPAT in difficult times, probably increase it, by flexing its cash deployment targets. If acquiring PDLs declines for whatever reason (now usually elevated price), collecting on older debt acts as a medium term heat sink. The relatively new options of increasing the Loan Book and buying PDLs in the USA is the cherry on the cake now, but in future the cherry may eclipse the significance of the cake.

As for the neurotic Mr Market, I do not care if he pushes the price down for a while, and in the past when I was accumulating, I fervently hoped for both more mood and price depression. I do not have the funds to accumulate now, so I am now more inclined to point out good aspects of CCP as a business than I was when accumulating. I sold some CCP at $12 to meet a short-term cash need, intending to buy back a month or two later, and I was much peeved when the SP rapidly rose, and I did not get back in.

As an aside, a poster who knows TGA well is Tomhagen. Being a sensible fellow with less time to waste than I have, he posts infrequently.