James Thomson

I think that's the bit that should be frustrating shareholders.

Yeah, okay, the valuation gets too high.

It comes back down a bit.

But for the business to –

You know, for the business to sort of have these cracks in it, that's the real worry.

Well, you know, we're not going to give specific financial advice, but analysts are still worried.

They don't know.

That is the question they are all – a lot of the notes were titled something along the lines of, is this the bottom?

And the reason I don't think it's the bottom is because think of what's going to happen here.

So at the moment, we've got an interim CEO and a chairman who's about to leave.

So what we'll have is succession, the CEO level and the chairman level.

Now, the way these things go in almost every case is a new CEO comes in, does some big highfalutin review, finds all these skeletons in the closet and rebases the earnings with a bunch of write downs and profit downgrades.

Maybe CSL can avoid that fate, but do you want to bet on it at the moment?

Well, the acting CEO has done a fair bit of that, hasn't he?

Well, he's done a bit, but the interim CEO, his message on Monday was, this is a fundamentally good company.

I hope this is the bottom.

I expect it is.

I think the problem CSL has got at the moment is that the market doesn't believe what they say.

And so here's...

that this is the bottom, that's not going to hold water.