Biggest threats to PRT, page-17

Yes, I am with you Wing it. I don't think that FTA is in a death spiral, and my view is that the price reflects a worse outlook than will transpire. Particularly for PRT with its regional characteristics and seemingly sensible management. That's why I am in the stock, and would look to pick up a little more if there is weakness. Also whilst I highlighted the sensitivity on the downside, I think it exists very much on the upside. I just thought it was worth fleshing out the sensitivity / risk that is there.