CBT shares have recovered just a little bit since they bottomed out at under $7 (£4.70) a couple of months ago. No doubt the return of Bill McCabe has had something to do with the modest recovery, but CBT shares have a long way to go before they regain any sort of respectability.
Still, CBT founder Mr Pat McDonagh is at least letting his confidence in CBT's recovery be shown in straight financial terms. It emerged this week that Mr McDonagh bought 102,000 CBT shares at $7.45 a month ago - almost the bottom of the market for the shares.
Mind you, apart from showing confidence, the investment by Mr McDonagh has been a profitable one, and he is now sitting on a paper gain of almost $440,000 with CBT shares now nudging towards $12. That sort of gain is small change to somebody of Mr McDonagh's wealth, but the fact that he was willing to go back in and buy bombed-out CBT shares is a move that battle-weary CBT shareholders should be comforted by.
One wonders whether Mr McCabe, who amassed $40 million over the past year in selling CBT shares before the recent collapse in the price might think it worthwhile to do the same as Mr McDonagh.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)