NWH 0.26% $3.92 nrw holdings limited

In respect to GCY, unless I misunderstand things, the worst...

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    In respect to GCY, unless I misunderstand things, the worst outcome is a one-off $12m loss, which is 3 cents per share. The lesson learned is probably worth more than that. I have invested no mindspace in this issue, so I could be wrong on the size of the worst-case outcome, and I have no feel for the probability distribution of the spectrum of likely outcomes.

    NWH's management is smart enough to learn by mistakes, but it would be preferable if it found a cheaper way to acquire the smarts.
 
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