100% agree with everything you've said. In my career I've seen...

100% agree with everything you've said.

In my career I've seen what ego-driven decision-making looks like. These days a lot of senior executives want to gain personal experience by overseeing large de-couplings, sales, takeovers etc. It helps set them up for their next "big job". It's amazing how easy it can be as a senior executive to justify things with flimsy statements and inadequate financial analysis/due diligence e.g. Slater & Gordon, everyone seemed to know about the risk of a change in UK small claims legislature but them?! I also know that senior people involved in the Slater & Gordon deal moved on to bigger jobs at larger companies, even after their actions directly resulted in one of the worst destructions of shareholder value this decade in Australia.

Now I'm not saying any of the above is happening at Capitol, but I am a naturally cautious investor and while history doesn't repeat it does rhyme.