Have to be skeptical when management says things like they are taking a non-cash write-down to inventory.
Whilst it is true that the write-down has a non-cash impact to earnings you have to read between the lines and see that management is admitting they blew $60m of shareholder money on inventory they can't recover. It does have a cash impact.
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- average down or wait till it goes bust?
average down or wait till it goes bust?, page-78
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