That was an excellent response. I agree that's not a good look...

That was an excellent response. I agree that's not a good look at all. However I believe their historical performance and previously demonstrated level of integrity over a longer period (will later compile what I believe to be evidence to support this opinion) provides enough context to not lose trust in management (plus they have large equity stake in the business). I therefore think that viewing this downgrade in isolation paints an incomplete picture about management & the long term prospects of the business. Finally, the fundamentals are so out of whack for this stock, that one can afford to be slightly (slightly) less skeptical about the misjudgement. In other words, the market has well and truly priced in catastrophic risks/declines in FCF that so many things would need to go wrong in order to justify the current price. I don't believe there's enough evidence to justify this reaction