The mood of the market does not interest me as much as the fundamentals of the business. That is a matter of personal attitude, and no criticism of folk with different attitudes is implied. The recent CCP “Guidance”(the third, I think) is better than the preceding two, particularly in regard to factors that affect the years beyond FY22, but the SP has retreated. To a degree the retreat may be that the high of a few months ago was too high. Retreat beyond a move to normality has no fundamental reason beyond market mood. I treat CCP as a bottom-drawer stock – your second point.
The reason why CCP recovered from its self-inflicted wound circa 2009 can be ascribed to the change of leadership – the emergence of the McLay-Beregi duumvir. The serendipitous opportunity to acquire PDLs cheaply during the GFC greatly helped CCP's recovery from near-death. I see McLay as an important catalyst in that transformation, and I see Beregi as the main agent (the man who produced the effect). McLay has retired, but his legacy remains, so I am comfortable with that. Beregi is likely to be around for years, but if he were to exit CCP soon, I would worry. Mind you, running CCP should not be too taxing – just stick to the mindset that has worked so well since 2009, and that includes conservative accounting (for the want of which, competitors have suffered)
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