Ann: Impairment of US ledger book and amendment to FY24 guidance, page-16

Quite a shock for sure, agree with other posters who say this presents a pretty compelling long-term buy.

It's an interesting dynamic with debt collection businesses - better debt buying opportunities come along as economy weakens and consumers are stretched, but quality of collections get hit by those same conditions. Really have to adopt a long-term view of what the company will be like coming out the back end of a weakening consumer. So long as you're confident the company can make it through.

There may be more pain ahead as interest rates continue to bite. But some amazing returns were found in CCP during the GFC, where the company only scraped by as I understand. I think they'll be more prepared to weather any upcoming storm and there could be some great buying opportunities over the next year or so for the patient investors (and even now perhaps). To be sure these are the best opportunities to buy such businesses.

Could be an indicator that the landing may not be as soft as many are now predicting in the US. Certainly aligns with the reporting that consumer credit has reached all time highs in the US and the growth may not be sustainable despite a still strong labour market. Cracks are appearing arguably.

I'm happy to hold here and will readily snap up more if price falls further on weakening conditions next year.