I think some of us remember what happened the last time. I want to believe it couldn't happen again but I have this oddly familiar ring that history does repeat itself singing in my brain.
I don't necessarily agree on the upper level of the debt facility - I agree that it could go to say $120 million but I am very concerned that they make the same mistake as last time.
Yes the opposition has not done well but really the fact that there is more ledgers out there for sale - well its a factor of the financial cycle. I would much rather they were ultra conservative rather than growing debt at this pace. Remember we actually only have around $200 million capital invested in the business forget market cap - we need to have no more than 60% of our equity as debt in my opinion. The last 2008/9 etc experience made me very conservative in this area of my portfolio so I thought it was going to not expand debt this way.
CCP Price at posting:
$9.45 Sentiment: None Disclosure: Held
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