It was the "I" in ebitda that also made me change my mind. Was...

It was the "I" in ebitda that also made me change my mind. Was optimistic, but naively didn't think through the consequences of using ebitda as a performance and reporting metric for such a leveraged business.

Real shame as the sector can be a good opportunity for well managed businesses and shareholders willing to play the long game. Alas, it looks like some big changes will be needed in JKL before it moves into the camp that most will be interested in.