I'll underline some of your words, and comment thereon. far more...

I'll underline some of your words, and comment thereon.

far more sensitive to volume pressure than most
This is true, and that is why an investor should not be too concerned by SP reversals. In the absence of known weaknesses in the business, treat large SP declines as a buying opportunity. I remember topping up years ago when two US institutional holders (pension funds) exited the the share register. The reason was probably related to the expected decline in the relative value of $A vis-a-vis $US, and not CCP's fundamental health as an Australasian-focused business.

suggest it had a narrow audience
This is the same issue covered above.

can massage their results too easily
Very true, and that is why the motives and ethics of the key executives are so important. This is where the Saint Thomas Beredi factor comes in, and where the who-gains question arises when in this sector EPS is manipulated up, at the expense of EPS in later years. This is why I prefer CCP to CLH and PMP.

and that it all depends on the PDL purchases and prices paid
Sure, one can pay too much for PDLs, but the evidence is that CCP does not fall into that trap, and neither does it seek capital injections to fund PDL purchases. An important potential problem in the sector, is that the balance-sheet value of older PDLs is too elevated, because PDL amortisation has been too low. Seeking to raise capital to buy PDLs would tempt a significant shareholder controlling a company to present its performance in the best light, which may be at the expense of future years' performance, which links back to my previously stated preference for CCP. Apart from tending not to inflate profits for some hidden agenda, CCP has the option of deploying cash into USA PDLs and its unsecured loan business if local PDLs are priced too high.

Every other model has adjustments and only this one hasn't
I am unsure what model you have in mind – please elucidate.

Its been a great investment to date
It has been my sterling performer as a long-term investment, even though I did not get in early enough to gain the significant multi-bagger results that some investors have achieved. Now that the USA adventure and the foray into unsecured loans has settled down, a new line of diversity would help future-proof the company. This may be no more than selecting a new geography for either of those businesses. The USA PDL business has so much leeway to expand what is now a small business in a huge market, that there is no need for CCP to do more than expand there.

Postscript: An interesting topic to cover one day is the long history of share selling and buying Announcements relating to CCP's chairman, Don Mclean. This is because some may read too much into those Announcements. Compared to the total holdings mentioned in these Announcements, the movements are small, and for all I know, Don himself may not even be the person who makes those decisions. Views on this topic would be helpful.​