Why would you short Tassals *now*?, page-327

Such analysis would require also adjusting the relevant liabilities Tassal recognises against their biomass assets, but its largely correct.

This is the nature of the cyclical risks inherent in their business, i.e when will a negative earnings event occur affecting short term earnings, biomass assets and corresponding write-down. Due to the capital cycle of the business, those losses are not recovered within a short period of time, hence why you see institutions opting out all together and accept the tracking error on their asx200 index benchmarks.