Kelly Partners appears to have increasing debt year on year and increasing liabilities. Can someone much smarter and more balance sheet savvy than me she'd some light? Is this something I should be worried about or is there some accountant wizardry going on?

Great points on the debt @Scott. Worth noting that no debt is held by the parent company and is quaranteened within each individual practice. And there's a wide diversity in practices. Makes it a lot less risky than it otherwise would be, but i definitely note your point.

Has been a great run, but this recommendation was always predictaed on shares being over sold. A 40%-odd gain means that the margin of safety I require is no longer present. So i've closed the position today. Still think the business has good long-term potential and will continue to watch.