Downgraded to sell, page-10

A good question. But what you state as negatives are not longer term issues. I am a longer term investor in this company as I believe it has excellent financial metrics and owner managers who have a great track record. As other furniture retailers go bust, NCK will survive. Over time I have learnt that the best way to look at these quality companies is as fractional owners of the business, rather than short term traders. The property market and the FX will dance their merry dance, but I am going to "try" and avoid the noise and stick in there for the long term. In the interim as a a part owner of a profitable business, I will receive dividends that are higher than if my original investment was in a so called "high interest account". What's not to like!