Ann: Silver Chef - 31 Dec 2017 Investor Presentation 1H18, page-20

hi @Just_a_guy.  Anything to add from me?   No,  not much!  a right mess as people have noted.  Hospitality is the better business, so ultimately SIV is probably better off being just that.  But a lot of work and pain to get to that position, and even it underperformed in 1H.  And mgmt's explanation for the writedowns in hospitality were unconvincing.  Basically, saying they've overstated profits historically, as I read it.  Good grief.

I got rid of most of mine today - only hindsight knows if that's the right option - but it feels better to invest in things I have confidence in.  So I've taken the hit and moved on.  SIV won't be a quick fix, and there are plenty of companies delivering value for shareholders.  And I generally avoid investing in turn-arounds.

A lot of companies in this industry seem to get into trouble, I had thought SIV an exception - a lot of my confidence stemmed from the founder/chairman.  That confidence seems to have misplaced.  It reminds me of Buffett's line that  "When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact."  The quote is not quite apposite here, but you get the gist.  GLAH