One thing we find unfathomable is when management announce sizeable write-downs or impairments and then have the complete disdain and contempt to declare in the same breath that it is ok because it is a ‘non-cash’ charge to the accounts. My goodness! The only reason it is a ‘non-cash’ charge is because management have already blown the money in a prior period but didn’t realise that they had blown it – or perhaps even worse – chose not to disclose it at the time. Of course in fairness to management, there are 2 types of non-cash write-downs: the first type is bad and the 2nd type is worse. Investors in the oil and gas space would be well versed in both forms.