Well about 70c of the share price is cash however if you take...

Well about 70c of the share price is cash however if you take that out their portfolio has performed way worse than their benchmark.

They rode VRL all the way to the bottom, maybe hoping for a cheap equity raise.
Carnival is terrible, that whole industry is going to recover way slower than the rest of travel. The 0.3 to book means nothing when there will be massive right downs of the assets.

I think they are reacting just like everyone else, nothing special.