Thanks GC. Great work as usual. Attributing value to this...

Thanks GC. Great work as usual.

Attributing value to this calibre of management is difficult. Their openness is unprecedented in my books. Managing market expectations is no easy task and we can see why by the increase of short term disappointed posters.

One other thing for LT holders to consider is macroeconomics. With global markets at all time highs pushed by mainly by stock buy-backs, contraction in major world economies, falling interest rates and relentless money printing to keep the markets propped as long as usual (Powell's not QE for example), major banks going through significant overhauls and job cuts (HSBC and Deutsche), China's debt bubble and their fourth bank on the verge of collapse, growing debt bubbles everywhere the eye can see, and the remaining red flags which are waving more turbulently, we should expect more intense volatility going forward. The scent of a recession on the horizon is only getting fouler and fouler.

IMO PCK's business model/product favours well in a potential recession. Becoming a gold standard (must have) ensures that this service will not be cut. Our sector/industry is an acyclical industry. which will always be back by government if things get sour. Economic downturns have minimal or reduced impact. This combined with the fact the world's ageing population is significantly increasing in developed countries, the demand side is looks favourable (supply side non-existent at this stage some would argue).

Came across this little fact: more adult diapers are being sold in Japan than infant diapers. Ageing populations and decreasing birth rates is becoming a world wide phenomena.
https://www.marketplace.org/2016/08/29/japans-changing-culture/

Fundamentally PCK has only gotten stronger and stronger with every quarterly. Once the SP settles, LT holders will continue to top up. This drop is healthy and expected imo. Quarterly exceeded expectations of those who know what they are holding.

We are on a winner.

Cheers.