"Given the size of the downgrade, I am surprised the shares have...

"Given the size of the downgrade, I am surprised the shares have not sold off further. More signs of a complacent market environment."

Perhaps.

Or perhaps it is a case of this company having an impressive operating and financial track record which investors are prepared to back, thereby adopting the view that what happened in the past 6 months is a mere blip.

Me: I'm not smart enough to know either way.

It's a company I'd like to own at the right price, which is why I follow its developments.

But I have to say that this has thrown me into "do-nothing-until-you-can-once-again-see-the-whites-of-the-eyes"mode (knowing full well if and when that happens the share price will be somewhat higher than it is today.)

No matter.

That's simply the investing gig for you.

.