RACV lost 33% of their investment, page-32

That's cute.... and very short sighted. You obviously invest on a very short time spectrum. RACV aren't investing to pull out a 10% profit in a few months.... or even a few years. This is a strategic investment, meaning they see ways in which alignment with CL8 will add value to their business and its members (I.e save money on rentals). They will earn back their investment through money saved, and (in a few more years) through the combined increase in value of both companies together as a result. There is a lot of synergy here.... just give them time to align. I'm out for now, money to be made elsewhere..... but I'll buy back in when the times right. These guys are solid.