"... conservative management that is unlikely to put the company...

"... conservative management that is unlikely to put the company at risk of going broke. That’s the most important point." Not it's not! The most important point of investing in equities is getting the risk return balance right. If you want a risk-free investment buy government bonds but steer well clear of equities.

I say again that the current boss of Arcadium is behaving as if he is a portfolio manager of an index fund rather than a manager of a business operation. And the market sees the bloke is choking and so it is marking the stock down. Even Liontown has dakked Arcadium in the last three months.