Ann: CLH Chief Executive Matthew Thomas to retire, page-93

People seem to miss the sensitivities to PDL pricing and profitability.
If you buy a book for 25c in the dollar , you may expect to get 40c collected over a 7-10 year time frame. From that needs to come costs of collection. If that same book is now priced at 28c and you also expect collections may he 38c due to slowing economy , that means the return has halved pre expenses.
It's not the first time a company has bought overvalued assets ( even the biggest make big mistakes , BHP , RIO etc )
Existing PDL have been bought at different prices and thus the risk is collection levels going down from projected levels when bought. New PDLs with higher prices is what posses the risks and what CLH is staying away from