it has been a woofie that’s for sure. I am moderately optimistic...

it has been a woofie that’s for sure. I am moderately optimistic though. The macro environment is terrible for stocks like Hum. The really rapid interest rate rises have meant their margins must be quite terrible and bad debts are a problem. They are still incurring costs from closing down segments. However you would think this is the bottom. It’s hard to see another interest rate rise and probable cuts starting sometime this year. Costs from discontinued segments vanishing. New Zealand has to pick up again and they are still doing well with the commercial side.

so we seem to have reached peak negative and the upside is looking attractive.