Ann: CLH - 2018 AGM - Letter to Shareholders, page-63

I find the letter posted and a number of the concerns interesting as these are similar to a number of posts I made on CLH 2-3 years ago and had significant concerns about. Appears these concerns haven't gone away and potentially could have got worse while the share price has significantly underperformed. I've always wondered whether there will be a day of reckoning in the PDL book as underlying collections phased to match historical purchase vintages appeared poor and not stack up with the value metrics. I've always thought a write-down is a potential when peter can no longer pay Paul. We shall see whether that personal opinion will play out. Portfolio sales that have the potential to channel stuff/window dress ( not saying they've done that) have also always concerned me in this industry as they are easy to do, benefit the short term, issues may not turn up to a few years down the track and one can kid oneself we can make it up later. Incentives, Opportunities and Pressure is a lethal combination... Time will tell, but I've never felt easy with CLH and have made good money on the other listeds in this industry. Luck or judgement but my bank balance has been better as a result of those decisions.