Ann: NRW Holdings Operating Update, page-13

Impairments to goodwill don't bother me, in fact I'd expect them. In boom times, the cash flows from these business units more than justify the goodwill. However, in times like these, not so.
However, impairments to physical assets concern me, especially if they're bringing them in line with resale value. I would like to see the impairment to physical assets, so I know the NTA backing.

And remember, the cash for Goodwill went away long ago, and more often than not, does not reflect resale value of a business at all.

I must say, my portfolio management around position sizing is serving me well, given this announcement. Ofcourse I'm sure I'd be saying the opposite if it was a good announcement.