If I am stupid then maybe you are naive? You are just doing what...

If I am stupid then maybe you are naive? You are just doing what you are told and taking what you read at face value.

What is going on here is an attempt at media and expectation management ahead of the results announcement. The core message is that volumes are declining ever more rapidly, the results are going to be ugly and there is nothing positive to say about the longer term future. The rest of it ("opportunities" etc - so what are they?) is just puff.

You know and I know that the key issues are not being commented on:

- What is happening about the hybrids and the capital structure generally?
- Is diversification filling the hole left by decline in core paper business?
- When will PPX move back into profit?
- Have Benelux, UK and Germany been fixed or exited as promised?
- Can costs continue to be cut fast enough to return to profit, without destroying the business?
- Are the banks still supportive and is there any danger of a covenant breach?
- Is PPX capable of attracting any decent talented senior management and are the holes being filled (Benelux, Germany, UK)?
- Are credit insurers and suppliers still supportive, enabling the business to continue to trade?
- Are the pension fund trustees still supportive?
- Etc, etc.

A few general comments about "opportunities" don't go any of the way to answering the fundamental questions about the future of the business.

But if you are happy to just sit there and lap it all up, good luck to you.