EBIT will be lower than there stated 10 - 12m, page-38

There's nothing wrong with saying that Pie are great fund managers, and it's true they have sung Titan's praises. I like Pie and have held a number of the same companies they have: Azure Healthcare, Kip McGrath, CPT Global, My Net Fone to name just a few. With the exception of CPT Global each of those have been great investments, and I think CPT Global will come good.

They got Titan wrong. I never even considered Titan as a potential investment personally, but there is no way I foresaw how quickly contracts would dry up for them - or how inaccurate their guidance would be.