@Strawman I really appreciate the "deep dive" on UK regulatory risk. Everything Paul said was consistent with my own research, other than his first hand view on it made me feel much more comfortable about the risks, i.e., low likelihood of an adverse outcome and the reasons for it.

Specifically, how the fines and recovery fees for local council car park escalate astronomically, as a strong reason why as adverse ruling is unlikely. Also, the shift in the consultation paper from referring to GBP50 PBNs historically now to GBP100 as a baseline.

It sounds like a change from 6 year recovery time to 3 years is one adverse outcome we might see, but I can't imagine the lost revenue would be material, unless it creates an incentive in the public to draw out their appeals / evasion of paying the PBN to run the clock down.

My bottom line is I have come out of the Strawman meeting reducing the likelihood of an adverse UK regulatory outcome. Which is a relief because, despite my selling down some, $SPZ remains my largest RL position.

Fascinated that Paul think US could surpass the UK in 1-2 years. Surely a slip of the tongue? But he did tease us referring to an update on the US in the New Year - presumably he'll reveal the metrics leading to the earnout result.

I was also really interested to hear Paul's accounting of the German experience. The country head appointment is a key decision, and it sounds like it took them some time to "remediate" a not-so-good decision. It will be interesting to see if the trajectory of Germany turns up going forward, as the market potential is significant.

Overall, a great meeting. Thanks!