It’s clear that the private hospital sector has been struggling...

It’s clear that the private hospital sector has been struggling for years. It would seem to me that where Ramsay have been terrible is in reading the tea leaves by continuing to spend like there is no tomorrow. Instead, they should have cut back capital spending aggressively and conserve capital until things improve. As it is they are just going to line the pockets of private equity when they eventually swoop in and pick up Ramsay for a song. The shame is that when this happens at a price of around $45-50 per share, the Board will say that it’s a fair and reasonable value after having refused to meaningfully engage for a potential offer in the high eighties!