I think NCK is a great business - one of those founder-led businesses often talked about. Very high ROE which has been maintained over many years - has been above 40% since 2016. It's managed very well over many years - with good products and thick margins. They sell quality products and I like the deposit model, which reduces working cap requirements and increases cash flow. Debt is low and they own some of their properties, which does provide a great buffer in troubled times, which may be coming given the discretionary nature of the product. Having said the outlook is bleak, I took the opportunity yesterday to top up my IRL holding, not many times you can get a business like this on close to 8% yield (noting the forward outlook is unclear), longer term I think this will pay off for me.