James Thomson

But sad in some ways for the country.

I mean, CSL is one of Australia's great global success stories.

We don't have that many of them, and we certainly don't have that many of them that aren't based on digging up rocks and shipping them overseas.

That's a hugely important industry.

But CSL's business is built on sort of real innovation and know-how and the creation of an industry in terms of the plasma sector.

I mean, this company has just lost the trust of the market.

We've had numerous earnings downgrades now.

I mean, their CEO retired on the eve of results in February.

They put out guidance in February and then 90 days later, they've been forced to sort of abandon that guidance and hit the market with a profit downgrade.

$100 billion of market capitalization has been blown up in two years.

And still the company keeps telling us that, oh, you know, fundamentally everything's fine.

There's good people here.

There's good business here.

Which, you know, you get that the companies have got to sell a bit of hope, but there doesn't seem to be the –

appreciation or intellectual honesty to say, yep, we've really got an issue here that we've really got to fix.

So I think it is sad.

It's definitely sad for shareholders, but it's sort of sad that –

One of our giants has got off the tracks a bit and doesn't quite seem to know how to get back on the tracks.

I think it'll take a long time.

CSL is a biotech business.