I intend looking at your earlier post with a view to examining...

I intend looking at your earlier post with a view to examining all the issues that you raised, rather than simply covering some points on their own. At the back of my mind lies the notion that investors should be cautious of comparisons with past years, because CCP is in a different setting now, and individual one-offs should be recognised, and not by default prorated to future years. Also, there is probably a general headwind against the PDL business, that the likes of CCP and Encore can mitigate at the expense of smaller competitors, and CCP joins Encore in this because, although much smaller, CCP uses less debt leverage, which is likely to be unique in the PDL sector.

By one-offs, I mean things that may impact the short term (a year or two), but that wash out over time. Buying up big in the US PDL market ahead of having the capacity to collect, and perhaps paying a bit more than usual for the PDLs, may well have made strategic sense, and the lower performance it occasioned should dissipate in future. CCP's up-front provisioning of loans is inherently self correcting, but in the short term, and success in growing that business reduces reported NPAT, thus creating an illusion of lower profit from the loans business.

As an aside, the general sector-specific head winds suggest to me that Management may with advantage be bold, and invest funds in something unrelated to debt - equity investing for instance. That is what Washington H Soul Pattison (ASX; SOL) did decades ago investing in chemist shops - google their name to see what I mean. I recall selling a computer service to WHSP fifty years ago when it was substantially a chain of chemist shops (perhaps a franchiser and wholesaler). If you poke around SOL and associated stocks like Brickworks (BKW) you will learn how well Washington H Soul Pattison has grown via the investments it made.