Newbie here so forgive any stuffups. Disclosure - ex finance...

Newbie here so forgive any stuffups. Disclosure - ex finance industry manager. Fully agree with @fourhofthea comments. John knows as much about this industry if not more than any of his peers and is a leader in the methodology of collecting  PDPs. To some extent his purchases are different in that he purchases highly recoverable tier 1 PDPs at attractive discounts and uses a variety of methods to collect them based on moral and ethical practices. This may mean fair value is more easily ascertained. It is interesting to note that his peers are now indicating that they are tending to go down the same path. It may be an area where he can claim that his PDP assets are different. A long bow and he certainly operates his business in a different manner to his competitors but as you say it may not be enough to maintain his treatment of valuing them.