I tend to agree with your sentiment that the market has priced...

I tend to agree with your sentiment that the market has priced in reduced earnings and some risk (but by no means all). So to that end please don't take my next comment as offensive or argumentative as I agree with you... I do find it amusing however when impairments get, pardon the pun, written off as non-cash irrelevancies. Unless the asset was derived from a script offer, then the write off represents the company not achieving future cash returns to support the necessary cost of supporting the reason for spending cash in the past (ie is directly correlated to cash and reduced future cash to that end - agree market pricing it). Put another way, if every asset on the balance sheet was impaired the company (the people knowing their business best) is telling you they are worth book value plus a future return (eps) equal to their discount rate for the risk of those particular assets. As an aside, if the assets were bought using a share issue then it is just relativities about the same past capital objections between each respective set of shareholders compared to future returns. Point being the impairment isn't non-cash as it either reflects that the cash spent in the past will achieve subpar returns relative to risk adjusted required return or a reduction in the future cash to be received. Neither non-cash.

Unfortunately I didn't have spare capital for CCP when they hit $10 (albeit I have made more deploying that capital elsewhere). At $16, market cap of $1.1bn, the PDL book and profile they have and broader balance sheet $16 isn't expensive but don't think cheap right now too - at least with what I like to see as healthy margin of safety. I would expect CCP to be trading above $20 on any good economic or vaccine news and probably more. In the meantime I expect they'll be paying nothing/low prices for pdls as the banks will be desperate to get off balance sheet and out of their RWA for capital purposes.

DYOR