Over time every company gets things wrong but learn and move...

Over time every company gets things wrong but learn and move forward. Up until the Dreamworld incident, the company had a strong track record of driving shareholder value and it's misleading to judge their performance on the back of the subsequent share price decline.

As for the gyms, the mistake was to enter a commoditised market with low barriers to entry and the only reason the business was sold above book value was because of the previous write-down on the acquisition price. The decline in Ardent's share price from its historic high can be traced back to that event.