Mad trader Good on know for putting in the work and sharing it...

Mad trader
Good on know for putting in the work and sharing it even though you at this stage have no benefit - that's what HC is about and I think objective commentary adds a lot of value
Can I ask a few quesstions please

What do you assume the rate of future pDL purchases relative to last 10 years . You seem to imply you have used limited PDL purchases going forward
Do you factor in cost reductions of decrease in staff numbers from future margins . The margins that you focus on can be materially impacted by cost reductions , and I assume staff would be a big part of that
Have much value do you place on non PDL part of the business that seems to be growing and that carries lower balance sheet risk

I note all brokers( reports on their website ) some of whom I respect all have PTs of 150-160
I would love to know if you can point me to where you differ in your assumptions

I was told there have Been some recent PDL purchases as the management will be buying during the allowable window ( including CEO) it will be interesting if this occurs as it would be the biggest show of confidence in the business.
I remain open to the fact you analysis is the correct one vs the broker community but I seek to understand your assumptions a little further. By the way I am long at 101.5 having sold out at 160 and renetered so break even is around 118